BlackBerry Dumps Plan to Sell, CEO
New direction involves raising $1B from investors
By Kevin Spak, Newser User
Posted Nov 4, 2013 8:16 AM CST
In this May 14, 2013 photo, Thorsten Heins, president and CEO at BlackBerry, speaks at a conference in Orlando, Fla.   (AP Photo/John Raoux, File)

(Newser) – BlackBerry pulled the rug out from under customers today, announcing that it was ditching its plan to sell itself to Fairfax Financial Holdings—and CEO Thorsten Heins along with it, the Wall Street Journal reports. Today was supposed to be the day BlackBerry "firmed up" the Fairfax deal (which was never exactly rock solid), or perhaps announced a new one—today was the deadline for competing bids, according to an earlier Journal story.

The company's new plan is to raise $1 billion by selling convertible notes to a group of investors, sources tell the Toronto Globe and Mail. John Chen will replace Heins as interim CEO. BlackBerry had been scrambling to find an alternative buyer, reportedly reaching out to Facebook, Oracle, and LinkedIn, among others. Shares plummeted 18% in premarket trading on news of the scuttled sale.

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Showing 3 of 6 comments
kawahchan
Nov 4, 2013 12:14 PM CST
(R) 2016 Gov. RICK PERRY Report: Texas like to invite a Smartphone maker Blackberry to relocate to state of Texas, why not consider to have a lower-cost R&D development center at Downtown of a university town Commerce, Texas, nearby Texas A&M University-Commerce campus. To beyond South Korean Samsung, we like to see Blackberry one-step ahead using a Smartphone CPU chip to move on a new Digital SmartTV development with Internet TV features built-in.
Yourself
Nov 4, 2013 9:41 AM CST
"Shares plummeted 18%" 18% from "not much" = Pretty crappy!!!
Econ_101
Nov 4, 2013 9:28 AM CST
Ther's another crash coming to the .coms, internet, et all.............And SOON.