BLACKBERRY RECEIVES MULTI-BILLION DOLLAR BUYOUT OFFER

Sep 23, 2013

By AM740 Staff

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BlackBerry’s biggest shareholder is offering to buy the financially troubled smartphone maker for 4.7-billion dollars U-S as part of a consortium of companies.

Fairfax Financial is offering nine dollars a share.

It already owns 10-per cent of Blackberry.

The offer to purchase comes after the Waterloo-base company said it would record a writedown of nearly one billion dollars, primarily from poor sales of its BlackBerry Z10 touchscreen smartphones.

BlackBerry shares plunged as much as seven per cent today on top of a 16 per cent slide Friday.

The selloff was sparked by BlackBerry’s announcement at the end of the week that it will cut about 45-hundred jobs.

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