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Fairfax says it won’t abandon BlackBerry bid

September 25, 2013 • Business


In this April 11, 2013 photo Fairfax Financial Chairman and CEO Prem Watsa speaks at the company’s annual general meeting in Toronto. Watsa on Wednesday, Sept. 25, 2013 said he has every intention of completing the acquisition of BlackBerry, despite doubts that the $4.7 billion deal for the troubled smartphone maker will go through. (AP Photo/The Canadian Press, Frank Gunn)

TORONTO (AP) — The head of Fairfax Financial Holdings Ltd. said Wednesday he has every intention of completing the acquisition of BlackBerry, despite doubts that the $4.7 billion deal for the troubled smartphone maker will go through.

BlackBerry announced earlier this week that Fairfax signed a letter of intent that “contemplates” buying BlackBerry for $9 a share. Fairfax, BlackBerry’s largest shareholder, is trying to attract other investors.

BlackBerry shares on Wednesday lost 6 percent, closing a dollar below Fairfax’s bid on fears the deal won’t happen.

There is no breakup fee should Fairfax walk away, but Fairfax Chief Executive Prem Watsa told The Associated Press his firm is not in the business of making an offer and then walking away or redoing the deal.

“We’ve got a track record of Login to read more

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