Friday, October 11, 2013

BlackBerry co-founders considering bid for all or part of the company

There were a number of reports last month that RIM/BlackBerry co-founder Mike Lazaridis was at least thinking about putting in a bid of his own for the company, and an SEC filing published today has now shed some more light on the matter. While an actual bid remains anything but a sure thing, the filing does confirm that Lazaridis has agreed to partner with fellow co-founder Douglas Fregin on any potential deal, which could be for "all or a portion of the assets or equity interests" of the company, according to the document. The goal of any bid, as outlined in the filing, would be "stabilizing and ultimately reinventing the company based on a plan developed by them."

The filing also confirms that that the pair have enlisted the help of Goldman Sachs and Centerview Partners as they explore their options, which they say includes "a potential acquisition of all the outstanding shares of the issuer that they do not currently own, either by themselves or with other interested investors." This news follows the only formal bid for the company that's on the table, a proposed $4.7 billion deal from Fairfax Financial, which many have grown skeptical of despite a so-called letter of intent agreement that was signed by BlackBerry.

Source: SEC, The Globe & Mail

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