11/4/2013

After more than two months of searching, BlackBerry decided to abandon its plan to sell the company just as bidder Fairfax Financial Holdings was wrapping up due diligence for a $4.7 billion buyout of the embattled smartphone vendor. In lieu of a sale, BlackBerry said it will sell $1 billion in convertible notes to Fairfax and other investors and restructure the company's management team, starting with the dismissal of chief executive Thorsten Heins. News of the new plan and Heins' ousting sent BlackBerry shares tumbling 19% in pre-market trading today.

Related Summaries