A new plot twist to BlackBerry’s never-ending saga. BlackBerry has officially scrapped the $4.7 billion takeover intent deal from Fairfax Financial Consortium. The latest move includes raising $1 billion through private placement of convertible debentures. Fairfax and other institutional investors will invest in the company with Fairfax investing $250 million principal amount and expects to close the transaction in the next two weeks.
BlackBerry also confirmed to replace current CEO Thorsten Heins with John S. Chen. Chen will act as an interim CEO until BlackBerry finds a new CEO.
To give a brief background on John Chen, he served as the chairman and CEO of Sybase Inc. Under Chen’s leadership, Sybase was transformed from a mature technology company into a high-growth enterprise data management, data warehousing, mobility management and analytics innovator that was acquired by SAP AG in 2010.
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