Fairfax Financial consortium signs US$4.7-billion deal to buy BlackBerry
Sep 23, 2013 / 10:48 am
TORONTO - BlackBerry Ltd. (TSX:BB) says it has signed a deal to be bought by a consortium led by its largest shareholder in a deal valued at U$4.7 billion.
The consortium led by Fairfax Financial Holdings. Ltd. (TSX:FFH) has offered US$9 per share in cash for the smartphone maker.
Under the deal, the consortium would all acquire of the outstanding shares of BlackBerry not held by Fairfax, which owns approximately a 10 per cent in the company.
The BlackBerry board of directors has approved the terms of the letter of agreement.
BlackBerry shares were down 60 cents at C$8.48 on the Toronto Stock Exchange shortly before a trading halt on North American markets.
Trading on public markets is set to resume at 2 p.m. ET.
The Fairfax consortium is expected to complete its due diligence by Nov. 4. Until then, BlackBerry is allowed to actively solicit and evaluate rival offers.
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