BlackBerry agreed in principal to be acquired by Fairfax Financial, a Canadian insurance company for $9 a share, in a deal that would total $4.7 billion US dollars.
Shares of BlackBerry were halted prior to the announcement, and the...
company said the stock would resume trading at 2:00pm EST. Prior to the announcement shares in the troubled smartphone maker company were down more than 5 percent for the day.
Fairfax Financial, sometimes called the Berkshire Hathaway of Canada, is a holding company whose primary business is in insurance. Fairfax is also BlackBerry's largest shareholder.
It is led by Prem Watsa, a chemical engineer by training who has run the firm since the mid-1980s.
The press-shy Watsa has long been a supporter of BlackBerry, and his name has been linked with a potential buyout for months.
Source:http://www.cnbc.com/id/101054768
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