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Blackberry Founder Turns Back from Takeover

 

Chief Executive Officer Mike Lazaridis turned around from a takeover plan while selling some of his shares in the company he co-founded. The smartphone maker Blackberry has “ended an attempt to sell itself” according to Bloomberg.

 

CEO Lazaridis reduced his person stake in the company and now has slightly less than 5 percent of the shares outstanding, at 4.99 percent, or 26.3 million shares. $26 million in stock was sold this week, according to a regulatory filing.



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Since the “collapse of the $4.7 billion buyout by Fairfax Financial Holdings Ltd last month, Blackberry ended its strategic review, opting instead to raise $1 billion in convertible debt and seek a new CEO.” John Chen, of Sybase Inc. has been named executive chairman and acting or interim CEO. The $1 billion in convertible debt issued will help provide a buffer for the hardly profitable company. According to Bloomberg, the billion in cash will buy the new CEO some time.

 

Blackberry shares have had a hard go of things in the marketplace. Competing with mega-giants Apple and Samsung, Blackberry is like the kid brother who always gets picked on. Blackberry shares have decreased in value by a little more than a third. Their statements reflect “plunging sales and mounting losses.” While analysts estimated that Blackberry would earn $1.59 billion in revenue last quarter, their revenue actually fell by 56 percent down to $1.19 billion.

 

Image Credit: Jersey Finance.je

 

 

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Jaan Posted by on December 25, 2013. Filed under Business News,Home. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.