BlackBerry called off its sale and removed its chief executive yesterday, sending the share price of the one-time market leader to its lowest in a decade.
A consortium of investors led by Fairfax Financial, BlackBerry’s largest shareholder, will invest an additional $1bn in the Canadian group instead of confirming a $4.7bn takeover proposal it outlined six weeks ago. The deadline for a firm bid expired yesterday.
The decision not to sell exasperated other potential buyers, who said the Fairfax proposal, made by Prem Watsa, its chief executive, had always lacked financial underpinning and that the process had been a “farce”.
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