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Canada: BlackBerry backs down from $4.7B sale

By  |  November 4, 2013

Ailing smartphone company BlackBerry has reportedly decided against the proposed $4.7 billion sale of the company to Fairfax, instead opting to restructure executives within the company and raise $1 billion from investors.

According to reports, BlackBerry has decided to replace its CEO; John Chen will become acting CEO until a new head is found.

BlackBerry announced its change of plans Monday, which stops Fairfax’s buyout bid. The company, which is BlackBerry’s largest shareholder, will still acquire about $250 million worth of debentures, however.

Reports said late last week that Fairfax Financial Holdings was struggling to finance their offer for BlackBerry.

Full content: Yahoo Finance

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