BlackBerry Not for Sale Anymore, Thorsten Heins to Be Replaced Updated

The company is looking to raise $1 billion (€7.4M) new funds

By on November 4th, 2013 14:13 GMT

This might be good news for BlackBerry fans, as the Canadian company might reject the recent acquisition offer from Fairfax Consortium of $4.7 billion (€3.48 billion).

The Globe and Mail reports that BlackBerry might have dropped all plans to find a buyer for its business and is now looking to raise $1 billion (€7.4M) new funds. The information has been confirmed by “people familiar with the transaction.”

There’s more to it as BlackBerry’s CEO Thorsten Heins is said to step down soon and will be replaced along with other directors in the company.

The official announcement may be issued later today when BlackBerry is expected to accept or reject Fairfax’s acquisition offer. We will keep an eye out for any updates on the matter, so stay tuned for more info on the subject.

[UPDATE]: BlackBerry has just confirmed it has entered into an agreement pursuant with Fairfax and other private investors, who will invest in the company through a $1 billion private placement of convertible debentures.

Thorsten Heins will step down and be replaced by John S. Chen who will soon be appointed Executive Chair of BlackBerry's Board of Directors. More details on the transaction are available in the official announcement.

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