Fairfax consortium bids $4.7 billion to take BlackBerry private

September 24, 2013 09:04

Smartphone maker BlackBerry(BB.TO) has agreed to go private in a $4.7 billion deal led by its biggest shareholder, allowing the on-the-go email pioneer to regroup away from public scrutiny after years of falling fortunes and slumping market share.

The $9 a share tentative offer, from a consortium led by property and casualty insurer Fairfax Financial Holdings Ltd(FFH.TO), will set a floor for any counteroffers that might emerge for Blackberry, which has been on the block since August.

As an investor, Fairfax Chief Executive Prem Watsa is often described as the Canadian Warren Buffett because he also takes the long view. Blackberry shares peaked above $148 in June 2008 when the company's devices were still the top choice for bankers, politicians and lawyers.

Read the full report on Reuters

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