Fairfax Bids For BlackBerry: $4.7 Billion Offered For Struggling Smartphone Maker
A consortium led by Fairfax Financial Holdings has offered to buy BlackBerry Ltd. Toronto-based Fairfax is offering US$9 cash for each share it doesn't already own, in a deal that values BlackBerry at about US$4.7 billion.
The $9 U.S. a share bid offers shareholders only a slight premium from the last price, $8.48, before trading was halted Monday afternoon.
Fairfax Financial is an investment company already owns a 9.9 per cent stake in the company. Its CEO, Prem Watsa, who has been called "Canada's Warren Buffet" recently resigned from BlackBerry's board of directors.