Heins out; Fairfax to invent $1bn.
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From today's Wall St. Journal
BlackBerry Ltd. has abandoned its plan to sell itself and instead will sell $1 billion of convertible debt to its major shareholder, Fairfax Financial Holdings Ltd. and other institutional investors, the company said Monday.
The company also said it will replace its chief executive, Thorsten Heins. It said John Chen will act as interim CEO.
Struggling to compete with bigger rivals, the Canadian smartphone market had agreed to a tentative deal in September to sell itself to Fairfax for $4.7 billion, but the Canadian company struggled to raise financing for the deal.
BlackBerry was recently down about 18% in in pre-market trading in New York.