1. needforbbx's Avatar
    NEW YORK— John Sculley, the former Apple Inc. chief executive officer, said he and a group of investors were lining up a bid for BlackBerry Ltd. and was surprised when the company abandoned its attempt to sell itself.

    “We were pretty confident that we had the funds to be able to do the deal,” Sculley, who now serves as chairman of Pivot Technology Solutions Inc., said Wednesay on “Bloomberg Surveillance” with Tom Keene.

    Earlier this week, BlackBerry ended a review of its strategic options after the collapse of a $4.7 billion (U.S.) buyout deal. The smartphone maker is now raising $1 billion in convertible debt and will pursue a fresh turnaround plan under new interim Chief Executive Officer John Chen, the former chief of Sybase Inc.

    Fairfax Financial Holdings Ltd. CEO Prem Watsa, who was leading the takeover bid for BlackBerry, walked away from the $4.7 billion buyout after struggling to raise financing, according to people familiar with the plan. Watsa is rejoining BlackBerry’s board and will work with Chen on a comeback strategy.

    “We were pretty confident that we had the funds to be able to do the deal, but we didn’t think Prem Watsa from Fairfax was going to be able get his deal fully funded,” Sculley said. “So we decided to wait and see what happened because we thought the price might drop or there may be other bidders coming in.”

    http://www.thestar.com/business/tech...lackberry.html
    11-06-13 09:31 AM
  2. Blacklatino's Avatar
    Oh well, their loss.
    11-06-13 09:36 AM
  3. RyanGermann's Avatar
    I was thinking that this strategic review thing was just the BoD's way to "stay the course" will appearing to pursue alternatives. I think what the BoD wants is to keep running BlackBerry as it is now, despite any market factors that indicate that their plan won't bear fruit.

    BlackBerry and many BlackBerry fans (myself included) are a bit delusional / manic, like that deadbeat brother who just needs one more "loan" because this next scheme of theirs is going to be the big payoff... we think "if only BlackBerry would... (market the devices, develop a superphone, get Netflix / Instagram, go android, lower device prices, sell unlocked direct only, release BBM multiplatform, fire Thor, fire Frank) everything would get better, fast!"

    Will it? Really? What would these guys do differently / better than the current BoD?
    11-06-13 09:40 AM
  4. needforbbx's Avatar
    If he really wants to make a bid, nothing is really stopping him.
    11-06-13 09:40 AM
  5. danprown's Avatar
    And what exactly prevents this guy from submitting a bid now? Absolutely nothing...

    Canadian public companies are entitled to less legal defences to "hostile bids" than in the US. The BOD of directors looks what is best for the company, and if a fully financed bid comes in with a premium, and the bidder does not, at least officially, plan to chop up the place, the BOD cannot do much. It will be up to the shareholders...

    It's one thing to yap in the media, it's another thing to do stuff. I also was planning a bid and was waiting to see what happens, and am also suprised BBRY would just formally abandon a sale and not keep it until the price is in my range of 10,000 dollars...
    11-06-13 09:45 AM
  6. LP_Rigg's Avatar
    I was thinking that this strategic review thing was just the BoD's way to "stay the course" will appearing to pursue alternatives. I think what the BoD wants is to keep running BlackBerry as it is now, despite any market factors that indicate that their plan won't bear fruit.

    BlackBerry and many BlackBerry fans (myself included) are a bit delusional / manic, like that deadbeat brother who just needs one more "loan" because this next scheme of theirs is going to be the big payoff... we think "if only BlackBerry would... (market the devices, develop a superphone, get Netflix / Instagram, go android, lower device prices, sell unlocked direct only, release BBM multiplatform, fire Thor, fire Frank) everything would get better, fast!"

    Will it? Really? What would these guys do differently / better than the current BoD?
    The announcement of their pursuing "strategic alternatives" is quite possibly on the top ten list of corporate blunders of all time. It could not have happened at a worse time. There are times that a Board should pursue things in executive session and the corp secretary puts down the pen.
    11-06-13 09:46 AM
  7. CairnsRock's Avatar
    How many of you have experienced people who, just after you have bought a major item like a car, furnace etc.

    Say to you. OMG if only you had asked me I could have got it for you for half that price...yadda, yadda.
    11-06-13 07:42 PM
  8. cjcampbell's Avatar
    When it comes down to it, he would not have been a good thing for BB. He didn't want anything except for BES and the BB network. Those would have assisted his company to grow faster than it is. He didn't want BB10 or the phones. If he did get it, BB as we know, would have ceased to exist.
    11-06-13 07:51 PM

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