Menu
Facebook, Google, Microsoft, Twitter, and ADL Announce Lab to Engineer New Solutions to Stop Cyberhate

Facebook, Google, Microsoft, Twitte…

New York, NY -  Face...

ADL to Challenge Justice Department Religious Liberty Guidance Calls it a “Roadmap for Discrimination”

ADL to Challenge Justice Department…

New York, NY- - The Anti-...

JWV Welcomes Greater Accountability for VA Employees

JWV Welcomes Greater Accountability…

The Department of Veteran...

Alice and Nahum Lainer Family Foundation Donates Transformative Endowment Gift to Sinai Akiba Academy

Alice and Nahum Lainer Family Found…

Los Angeles, California -...

Swiss Town Returns Painting Looted during World War II

Swiss Town Returns Painting Looted …

Following a lengthy legal...

PM Netanyahu welcomes US President Trump’s decision regarding Iran

PM Netanyahu welcomes US President …

​PM Netanyahu: President ...

Alona Barkat: Israeli inspiration taking the soccer world by storm

Alona Barkat: Israeli inspiration t…

​Alona Barkat, an Israeli...

Israel Innovation Authority will launch the second biotech incubator

Israel Innovation Authority will la…

In light of the success o...

Israel and Senegal announce end to crisis

Israel and Senegal announce end to …

​Israel will immediately ...

Statements by PM Netanyahu and US President Donald Trump

Statements by PM Netanyahu and US P…

​PM Netanyahu: I want to ...

Prev Next
A+ A A-

Blackberry Abandons Plan to Sell Company

VOA, BlackBerry Ltd is abandoning a plan to sell itself and instead will replace its chief executive officer and raise about $1 billion from institutional investors, including its largest shareholder, the smartphone maker said on Monday.

Shares of BlackBerry dropped 16.3 percent to $6.50 in premarket trading. The company said it would raise the money with a private placement of convertible debentures.

John Chen will be appointed executive chairman and will be interim CEO while the company looks for a new leader. He is the former CEO of Sybase, a database software company that SAP AG acquired in 2010.

Chen joined private equity group Silver Lake as senior adviser last year.

BlackBerry grew from a small technology startup into a multibillion-dollar company by pioneering on-the-go email, but it has lost much of its market share to Apple Inc's iPhone and devices that run Google Inc's Android software.

BlackBerry's largest shareholder, Fairfax Financial Holdings Ltd, will buy $250 million of the debentures. BlackBerry said the subordinated debentures would be convertible into common shares at $10 and have a seven-year term.

Fairfax announced a tentative $9-a-share offer for Waterloo, Ontario-based BlackBerry in late September. But Reuters said on Friday that Fairfax was struggling to finance the $4.7 billion bid.

Leave a comment

Make sure you enter the (*) required information where indicated. HTML code is not allowed.

back to top
40% off 4 or more products. Enter code 40SPRING at checkout. Get a discount with a minimum purchase at PaulFredrick.com
Travel Deals to top Destinations. Get yours now

Sections

Jewish Traditions

About Us

Community

Cooperations

Follow Us