The agreement is reportedly similar to one signed by Cerebus Capital Management on Wednesday that the Bloomberg news service reported.
Fairfax Financial Holdings has the most advanced offer to take BlackBerry private for $4.7 billion. Fairfax already owns 10% of BlackBerry, while the founders own 8%.
In its open letter to "valued customers, partners and fans" the mobile device maker said "You can continue to count on BlackBerry."
The company emphasized that it is debt free with substantial cash on hand and is restructuring with a goal of cutting expenses by 50%.
"Governments all over the world, global corporations and businesses that simply cannot compromise on security choose and trust BlackBerry," the company said in the letter signed by The BlackBerry team. "Security is our heritage, and the industry recognizes that BlackBerry is the most secure when it comes to the device, server and, of course, our global data network. Have no [...]
Today, the once-mighty smartphone maker announced it has signed a letter of intent to be acquired by a consortium led by Fairfax Financial Holdings in a deal worth approximately $4.7 billion. Fairfax currently owns about 10% of BlackBerry already, would contribute those shares as part of its proosed deal.
BlackBerry will review the deal over the next six weeks while a special commitee will also entertain other offers which may supercede the Fairfax offer. If no better offers surface, the Fairfax offer is expected to become definitive on November 4, 2013.
Barbara Stymiest, Chair of BlackBerry’s Board of Directors, said: “The Special Committee is seeking [...]
The Financial Post reports that the redundancies are for personnel based out of the firm’s headquarters in Waterloo, Ontario, but doesn’t know if this move will effect some divisions worse than others.
In a statement, the PlayBook tablet maker said that it was in the ‘second phase of our transformation plan’.
This news less than a month after BlackBerry cut another 250 jobs at the company’s HQ. The firm recently established a special committee to look for a buyer.
Situated on a remote 4,200 acres, Blackberry Farm is consistently found in the top of Travel + Leisure World's Best Awards. The resort boasts two gourmet restaurants and full spa services. On-site activities — include fly-fishing, horseback riding, clay course shooting, kayaking, hiking and biking.
Hoping to increase guest satisfaction and decrease the number of technology complaints, the company began offering iPads for a select number of guests as a pilot program.
"Our guests will arrive, and, instead of receiving a paper itinerary for their stay they can view all of their hotel information from the convenience of their rooms on the iPad," said [...]
The Z30 smartphone is rumored to have a 5-inch Super AMOLED display with (1,280 x 720 resolution) which is big enough to be considered one of the new generation of over-sized smartphone/kind-of-a-tablet devices that are often referred to as a phablet.
The Z30 will run the latest version of the BlackBerry OS (vers. 10.2), powered by a dual-core Qualcomm Snapdragon S4 processor, 2 GB of RAM, 16 GB of storage, an 8 megapixel camera on the back and a large (2800 mAh) rechargeable battery inside.
TheStreet.com spotted some leaked photos and video on Vietnamese websites that claim to show the new Z30. A BlackBerry spokesperson said the company doesn't "comment on [...]
The company's stock dropped 4% in after hours trading.
The three now ex-BlackBerry execs are VP of corporate information technology operations Doug Kozak, Sr. VP of global manufacturing and supply chain Carmine Arabia, VP of service operations Graeme Whittington.
A spokesperson for BlackBerry told VentureBeat in an email:
"As previously stated, we are in the second phase of our transformation plan where we will be assessing our organization – from top to bottom – to ensure we have the right people in the right roles with the right skill sets to drive new opportunities in mobile computing. We will be as transparent as [...]
David J. Smith, executive VP in charge of mobile computing, has resigned for personal reasons, a BlackBerry spokesman said. The move happened within the past few weeks, said a person familiar with the matter. The spokesman added that Mr. Smith “continues to come into work every day and is committed to working with BlackBerry through a proper transition.”
The highly-touted PlayBook stumbled out of the gate due to what many analysts considered a lack of core features and never sold well. Last year BlackBerry wrote down nearly $500 million in unsold PlayBook inventory.
Heins told Bloomberg last month that he saw no future for the tablet, comments which seemed to rule out the prospect of a new PlayBook coming to market.
But one month on and Heins now appears less convinced on the matter, as he offered up two contrasting views at the BlackBerry Live conference yesterday.
During a Q&A session with the media, Heins first appeared to promote the smartphone, and not the tablet, as the future of mobile computing. “We believe in a single element of mobile computing: one on your hip.”
But little more than 15 minutes later and the BlackBerry boss was singing an altogether different tune and hinted to CNET that a [...]
Heins has in the past spoke candidly about how profitability would be key if BlackBerry chose to re-enter the tablet market with a second PlayBook, but surprisingly appeared to dismiss the market at the Milken Institute conference in Los Angeles today.
“In five years, I don’t think there’ll be a reason to have a tablet anymore,” Heins told Bloomberg. “Maybe a big screen in your workspace, but not a tablet as such. Tablets themselves are not a good business model.”
[For some context, leading market research firm IDC has a different take on future tablet shipments. The company recently forecast that tablet shipments will grow to 352.3 [...]