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BlackBerry Drops Heins as CEO, Ditches Sale Plans
2013-11-04 18:34:41| PC Magazine Cell Phones Product Guide
It's more drama for BlackBerry, which announced today that CEO Thorsten Heins is out in a deal whereby Fairfax Financial will invest $1 billion in the company rather than buy it out.
BlackBerry abandons sale, CEO steps down
2013-11-04 15:39:00| Telecompaper Headlines
(Telecompaper) BlackBerry has abandoned plans to sell the company and instead agreed a new investment and management team led by its largest shareholder, Fairfax Financial. The handset maker will issue USD 1 billion in convertible debt to institutional investors, including USD 250 million to be acquired by Fairfax. The seven-year debt at 6 percent annual interest can be converted at USD 10 per share, a 28.7 percent premium to the current share price, and represent a 16 percent stake in the company. As part of the new plan, Thorsten Heins is stepping down as CEO. John S. Chen, the former CEO of Sybase, will become executive chairman and be responsible for strategy and organisation at BlackBerry. Fairfax's CEO Prem Watsa will become lead director and chair the compensation, nomination and governance committee. This puts him in position to lead the process of appointing a new CEO at the company. Chen will serve as interim CEO until a successor for Heins is found. The announcement from BlackBerry comes the same day bids were due in a proposed auction of the company. According to press reports, a variety of potential acquirers were approached, ranging from Cisco to Qualcomm to Facebook, but few concrete offers emerged. Fairfax earlier offered to pay USD 4.7 billion to acquire all of BlackBerry, but media reports said it had trouble raising the full financing. BlackBerry did not name the other institutional investors involved in the debt issue.
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blackberry
Blackberry abandons sale, will replace CEO Heins
2013-11-04 01:00:00| Total Telecom industry news
Struggling Canadian smartphone maker to sell $1 billion of convertible debt to Fairfax.
Tags: sale
replace
ceo
blackberry
BlackBerry sale might not include smartphones
2013-09-17 19:58:22| InfoWorld: Top News
Potential bidders for BlackBerry are only interested in parts of the business, concluding that the firm's smartphones, such as the recent Q10 and Z10, have little or no value, reports say. Bidders from private equity firms are interested mostly in the BB 10 operating system that powers the new BlackBerry smartphones, along with selected patents related to keyboards, unnamed sources familiar with the potential sale told news agency Reuters.
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sale
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smartphones
Blackberry for sale end of an era
2013-08-25 20:53:08| Telecom - Topix.net
Some say it is Apple's iPhone. Some say it is Android. But the fact is that if anyone needs to be blamed for Blackberry's woes it is Blackberry itself.
Tags: end
sale
era
blackberry