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BlackBerry Ltd Enters Into Letter Of Intent With Consortium Led By Fairfax Financial


Monday, 23 Sep 2013 01:30pm EDT 

BlackBerry Ltd announced it has signed a letter of intent agreement (LOI) under which a consortium to be led by Fairfax Financial Holdings Limited has offered to acquire the Company subject to due diligence. The letter of intent contemplates a transaction in which BlackBerry shareholders would receive $9 in cash for each share of BlackBerry share they hold, in a transaction valued at approximately $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% 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, 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. 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. 

Company Quote

10.27
0.01 +0.10%
29 Aug 2014