Rather then get sold on the auctioneer’s block, BlackBerry is planning on $1 billion fundraising effort and replacing its CEO Thorsten Heins too. This will mean the end of the BlackBerry-Fairfax deal.
The suitors of BlackBerry will have to return to their relative positions empty-handed. All their wooing has not resulted in the down and out company selling itself off. Rather, BlackBerry has chosen to raise a grand total of a billion dollars. And it is to replace its CEO with some directors. The Canadian smart phone company had been in the doldrums.
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Fairfax had been the major potential buyer. It was willing to pay $4.7 billion in order to completely acquire BlackBerry. But somewhere along the way, the coy BlackBerry changed its mind and now it has called the whole selling soiree off. Instead, it is selling exchangeable notes. It plans to build up a fund of $1 billion this way. Moreover, there are to be changes in the board of directors.
The present CEO, Thorsten Heins is to leave the company for good. During the one year stay of Thorsten Heins at BlackBerry, it saw many losses on all fronts. And all through the time the giant firm was for sale, many buyers came and went.
Qualcomm and Cerberus Capital Management were in the list of organizations that courted BlackBerry. But finally it was the prey that turned out to be the predator. BlackBerry, in what was deemed a revolutionary move, literally pulled itself up by its boot strings. Today, its future is an unwritten book of pages waiting to be filled.
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Source: The Globe And Mail