Today, November the 4th is the day that Fairfax Financial was supposed to complete the due diligence on their buyout of BlackBerry, unfortunately it now looks like the deal has fallen through.
We heard over that last few weeks that a number of other companies and groups have also been interesting in buying BlackBerry, the list included, Facebook, former Apple CEO John Sculley, and BlackBerry co-founder Mike Lazaridis.
According to a recent report by The Globe and Mail, the deal has now fallen through, and BlackBerry will now not be selling the company.
Instead BlackBerry has raised $1 billion in finance from Fairfax Financial and other investors, for restructuring, this will also see the current CEO of BlackBerry, Thorsten Heins, and a number of directors leave the company.
There are no details as yet why the Fairfax deal fell through, and it is not clear as yet on what happened with the discussions with other companies like Facebook.
This is not exactly the best news for BlackBerry, who seem to have had a run of bad luck of late, the company’s latest BlackBerry 10 devices are not doing as well as they had hoped.
Whilst BlackBerry has now said that they are abandoning their plans to sell the company, and instead raise finance, this of course does not rule out a future buyer of BlackBerry if the deal is right.
Source The Globe and Mail, TechMeme
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