09-27-13 07:41 PM
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  1. GoJaysGo's Avatar
    News is pending, something big is coming... Sale maybe?
    09-23-13 01:31 PM
  2. deebo550's Avatar
    i would doubt an update/resolution to BBM cross platform would cause a trade halt.
    09-23-13 01:32 PM
  3. deebo550's Avatar
    BlackBerry Enters into Letter of Intent with Consortium led by Fairfax Financial
    playbookster likes this.
    09-23-13 01:33 PM
  4. JasW's Avatar
    BlackBerry Limited (NASDAQ: BBRY) today announced it has signed a letter of intent agreement ("LOI") under which a consortium to be led by Fairfax Financial Holdings Limited ("Fairfax") has offered to acquire the company subject to due diligence.

    The letter of intent contemplates a transaction in which BlackBerry shareholders would receive U.S. $9 in cash for each share of BlackBerry share they hold, in a transaction valued at approximately U.S. $4.7 billion. The consortium would acquire for cash all of the outstanding shares of BlackBerry not held by Fairfax. Fairfax, which owns approximately 10 percent of BlackBerry's common shares, intends to contribute the shares of BlackBerry it currently holds into the transaction.

    The BlackBerry Board of Directors, acting on the recommendation of a special committee of the board of directors (the "Special Committee"), approved the terms of the LOI under which the consortium, which is seeking financing from BofA Merrill Lynch and BMO Capital Markets, would acquire BlackBerry and take the company private subject to a number of conditions, including due diligence, negotiation and execution of a definitive agreement (the "Definitive Agreement") and customary regulatory approvals.

    The Special Committee, chaired by Director Tim Dattels, was formed in August 2013 to review strategic alternatives for the company. J.P. Morgan and Perella Weinberg are acting as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP and Torys LLP are acting as legal advisors.

    Diligence is expected to be complete by November 4, 2013 ("Diligence Period"). The parties' intention is to negotiate and execute a definitive transaction agreement by such date. During such period, BlackBerry is permitted to actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals ("Alternative Transactions").

    If (A) during the Diligence Period (i) BlackBerry enters into any letter of intent or definitive agreement providing for an Alternative Transaction, (ii) BlackBerry ceases to negotiate with the consortium in good faith with a view to entering into the Definitive Agreement by the end of the Diligence Period, or (iii) an Alternative Transaction is publicly proposed or publicly announced and is consummated within 6 months following the end of the Diligence Period, or (B) during the 3 month period following the end of the Diligence Period, BlackBerry enters into any agreement providing for an Alternative Transaction with a person with whom discussions were held before or during the Diligence Period, then BlackBerry shall pay Fairfax a fee of U.S. $0.30 per BlackBerry share, provided, however, that no such fee shall be payable if the consortium shall have reduced the price offered below U.S. $9.00 per share without the approval of the board of directors of BlackBerry. In the event that a definitive agreement is signed with Fairfax the termination fee will increase to U.S. $ 0.50 per share.

    Barbara Stymiest, Chair of BlackBerry's Board of Directors, said: "The Special Committee is seeking the best available outcome for the Company's constituents, including for shareholders. Importantly, the go-shop process provides an opportunity to determine if there are alternatives superior to the present proposal from the Fairfax consortium."

    Prem Watsa, Chairman and CEO of Fairfax, said: "We believe this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employees. We can deliver immediate value to shareholders, while we continue the execution of a long-term strategy in a private company with a focus on delivering superior and secure enterprise solutions to BlackBerry customers around the world."

    In addition to the consortium and its lenders being satisfied with all aspects of the due diligence to be carried out by them during the Diligence Period and the negotiation and execution of a binding definitive agreement approved by the board of BlackBerry, completion of the transaction will be subject to other customary conditions, including receipt of required regulatory approvals. There can be no assurance that due diligence will be satisfactory, that financing will be obtained, that a definitive agreement will be entered into or that the transaction will be consummated.

    BDT & Company, LLC, BofA Merrill Lynch and BMO Capital Markets are acting as financial advisors, and Shearman & Sterling LLP and McCarthy Tetrault LLP are acting as legal advisors to Fairfax in connection with the transaction.
    09-23-13 01:36 PM
  5. Shlooky's Avatar
    09-23-13 01:37 PM
  6. Tim Heard's Avatar
    Well, I won't be losing too much per share. ... Wish I could hang on to what I have and see how they fare.
    bodden96 likes this.
    09-23-13 01:38 PM
  7. saxxman's Avatar
    BlackBerry Enters into Letter of Intent with Consortium led by Fairfax Financial
    Prem's company, to take private! BlackBerry Enters into Letter of Intent with Consortium led by Fairfax Financial - Yahoo Finance
    09-23-13 01:39 PM
  8. playbookster's Avatar
    Good!!

    Posted via CB10
    09-23-13 01:40 PM
  9. Rickroller's Avatar
    Glad I dumped my shares when I did..

    Sent from my Nexus 4 using Tapatalk 2
    09-23-13 01:41 PM
  10. jvoisin's Avatar
    So thorny finally got the stock devalued enough that fairfax bought it.. now he can collect is severance and retire.. good for him..bad for everyone else.. 9 bucks a share is a clear middle finger to all investors.
    milo53, Donvald, shief24 and 12 others like this.
    09-23-13 01:42 PM
  11. Lobwedgephil's Avatar
    Good news for Blackberry, hope going private works for them!!
    WALLIEDIRT likes this.
    09-23-13 01:42 PM
  12. timmy t's Avatar
    This doesn't mean the shareholders will accept it.
    09-23-13 01:43 PM
  13. Grumblegrumble's Avatar
    So thorny finally got the stock devalued enough that fairfax bought it.. now he can collect is severance and retire.. good for him..bad for everyone else.. 9 bucks a share is a clear middle finger to all investors.

    Agreed...

    I am curious to see what happens to the stock from here.
    09-23-13 01:43 PM
  14. BoldPreza's Avatar
    Had to have known it was watsa!

    Posted via CB10
    09-23-13 01:44 PM
  15. smbbuser's Avatar
    So thorny finally got the stock devalued enough that fairfax bought it.. now he can collect is severance and retire.. good for him..bad for everyone else.. 9 bucks a share is a clear middle finger to all investors.
    This.

    It's criminal. But it happens every day.
    andy957 likes this.
    09-23-13 01:44 PM
  16. JoeyW's Avatar
    hmmm... and here I was looking forward to the Lenovo rumors...
    chern likes this.
    09-23-13 01:46 PM
  17. badiyee's Avatar
    You mean capitalist vultures who are in for the money not the company hahahaha

    Sent from my A500 using CB Forums mobile app
    09-23-13 01:46 PM
  18. cgr1971's Avatar
    At least there won't be daily bashing about the stock tanking anymore.
    09-23-13 01:47 PM
  19. timmy t's Avatar
    If I were Heins, I would be embarrassed by that offer.
    andy957 likes this.
    09-23-13 01:47 PM
  20. tlegend2012's Avatar
    CEOs never lose!
    09-23-13 01:48 PM
  21. tmb2013's Avatar
    An amazing number of posters here just don't get how this works.

    Fairfax, if it gets financing, will be carrying a ton of debt that it will have to retire as soon as possible to cut costs.

    This does not "save" Blackberry, it just starts a new path. The company will start getting broken up and pieces sold off to retire the debt.

    There will also be many more layoffs coming.

    At the end of the piece there will be precious little left of the "Blackberry" you claim to love so much.

    LBO's rarely work to the advantage of current employees or customers. They are about taking the business apart to sell the pieces for a profit.

    You got what you have been praying for, hope you like the outcome.
    09-23-13 01:48 PM
  22. qbnkelt's Avatar
    cautiously optimistic....

    please don't break it up for parts....please keep it whole....focus.....focus.....focus.....EXECUTE.... ..cautiously optimistic....
    09-23-13 01:48 PM
  23. m1kr0's Avatar
    Was hoping for this outcome.
    09-23-13 01:49 PM
  24. kbz1960's Avatar
    Is this good or bad? Find out soon enough I guess.
    Blacklatino likes this.
    09-23-13 01:50 PM
  25. LP_Rigg's Avatar
    This doesn't mean the shareholders will accept it.
    They may very well not approve the sale, but if things deteriorate the shareholders may end up with worthless shares in a bankruptcy..

    This is good news for BBRY from a business perspective.
    09-23-13 01:50 PM
385 123 ...

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