Captain Bob Posted September 23, 2013 Share Posted September 23, 2013 As per a CTV tweet. Will update when more info available. @ctvbcbrk https://twitter.com/...195343284510720 Is this bad news ? Any stock market experts know if this is common, or how bad it might be ? Edit: Well, apparently this happened Friday and CTV and myself just found out now. http://www.thestar.com/business/2013/09/20/blackberry_shares_halted_pending_news.html Link to comment Share on other sites More sharing options...
mbal23 Posted September 23, 2013 Share Posted September 23, 2013 @BBCBreaking: Smartphone maker Blackberry agrees to sell to group led by largest shareholder, Fairfax, for $4.7bn (£2.9bn) This is why. Company to be sold would have to stop shares to divide sale amongst higher ups and balance the books. Link to comment Share on other sites More sharing options...
Sanford Posted September 23, 2013 Share Posted September 23, 2013 Going private now as well from the sale. Oh how the mighty have fallen... I still use black berry for work though :/ Link to comment Share on other sites More sharing options...
hockeyville88 Posted September 23, 2013 Share Posted September 23, 2013 Deal must have been in the works for awhile. Prem Watsa of Fairfax Financial stepped down from the Blackberry board in August because of "potential conflicts" Link to comment Share on other sites More sharing options...
Heretic Posted September 23, 2013 Share Posted September 23, 2013 Going to be interesting to see what the corporate world does - do they start switching their "work" cell phones or not? Link to comment Share on other sites More sharing options...
Clark Kent Posted September 23, 2013 Share Posted September 23, 2013 As a shareholder I'm pissed because $9 is low and given Westa's reputation and the things he's said about the company in the past, I expected better. As a fan of the products put out by BlackBerry, I'm happy because it looked scary for a second or two. Link to comment Share on other sites More sharing options...
RiCHC3 Posted September 23, 2013 Share Posted September 23, 2013 Buyout offer is low, but part of this may be in relation to foreign ownership rules in Canada. In any case, there could be another offer fielded. Link to comment Share on other sites More sharing options...
Captain Bob Posted September 23, 2013 Author Share Posted September 23, 2013 As a shareholder I'm pissed because $9 is low and given Westa's reputation and the things he's said about the company in the past, I expected better. As a fan of the products put out by BlackBerry, I'm happy because it looked scary for a second or two. Is that what you're getting ? I looked them up and it appears they last traded at $13. Link to comment Share on other sites More sharing options...
mbal23 Posted September 23, 2013 Share Posted September 23, 2013 Is that what you're getting ? I looked them up and it appears they last traded at $13. Link to comment Share on other sites More sharing options...
ronthecivil Posted September 23, 2013 Share Posted September 23, 2013 As a shareholder I'm pissed because $9 is low and given Westa's reputation and the things he's said about the company in the past, I expected better. As a fan of the products put out by BlackBerry, I'm happy because it looked scary for a second or two. Link to comment Share on other sites More sharing options...
Lancaster Posted September 23, 2013 Share Posted September 23, 2013 $9 is a joke. For 4.7 billion, the whole company worth more than that. It's not like it's a company swimming in debt, it still has like 2-3 billion in CASH.... not including other patents and assets which worth significantly more. Add in the timing with the sudden downward direction in prices, along with some odd mistakes made regarding some of their releases and with the CEO getting a major payout if the company is sold..... something is very fishy. If this goes through, I can expect some groups of shareholders planning a lawsuit. Link to comment Share on other sites More sharing options...
Clark Kent Posted September 24, 2013 Share Posted September 24, 2013 Is that what you're getting ? I looked them up and it appears they last traded at $13. Link to comment Share on other sites More sharing options...
mbal23 Posted September 24, 2013 Share Posted September 24, 2013 Well TSX is at $9.08 right now, but the transaction works out to be $9 USD per share, so with the exchange rate, I have no idea what it'll work out too. For sure, $2.6B in cash, so Westa is offering $2B for all of the patents, services, hardware (which they admittedly are losing under a billion on), and software. I also agree that there is some fishy stuff going on. First the preliminary earnings report, which from what I understand isn't too strange, and then the cross platform BBM disaster which again are normal. Those two happening within a day of each other, then the first business day we get a low ball offer like this, definitely doesn't add up. Link to comment Share on other sites More sharing options...
mdehaan Posted September 24, 2013 Share Posted September 24, 2013 BlackBerry Enters LOI With Fairfax Financial To Be Taken Private At $9.00/Share; Deal Subject To Diligence, Financing Outs Submitted by Tyler Durden on 09/23/2013 Following Friday's stunner of a stock halting press release, moments ago BBRY was halted again, this time however for some "good" (relatively speaking) news. The firm reported that it has entered into a Letter of Intent (so nothing definitive yet) with Fairfax Financial, according to which BBRY shareholders would receive U.S. $9 per share in cash - Transaction valued at approximately U.S. $4.7 billion - Consortium permitted 6 weeks to conduct due diligence - BlackBerry entitled to go-shop during due diligence period, subject to payment of a termination fee in the event alternative offer accepted. In other words an LBO, one which however has not only but many outs: "There can be no assurance that due diligence will be satisfactory, that financing will be obtained, that a definitive agreement will be entered into or that the transaction will be consummated." Which means that once the buyers figure out the potential disaster on the books, expect the final price (if any) to be revised lower as one after another MAC clause is triggered. Wondering what Fairfax's Cost-Basis is... the answer is HIGH! Finally, for those wondering, the $9/share take out offer represents a 15% discount to the $10.59 September average share price. http://www.zerohedge.com/news/2013-09-23/blackberry-enters-loi-fairfax-financial-be-taken-private-900share Link to comment Share on other sites More sharing options...
Matthew Lombardi 18 Posted September 24, 2013 Share Posted September 24, 2013 So Blackberry is not Canadian anymore? And yeah, the CEO needs to get his assets massively investigated. He orchestrated this. I think Lancaster called this suspicious activity - or some other more well-known poster did. Link to comment Share on other sites More sharing options...
Armada Posted September 24, 2013 Share Posted September 24, 2013 Sad news. I was hoping they would recover. Future looks grim now. Link to comment Share on other sites More sharing options...
Clark Kent Posted September 24, 2013 Share Posted September 24, 2013 So Blackberry is not Canadian anymore? And yeah, the CEO needs to get his assets massively investigated. He orchestrated this. I think Lancaster called this suspicious activity - or some other more well-known poster did. Link to comment Share on other sites More sharing options...
Offensive Threat Posted September 24, 2013 Share Posted September 24, 2013 I said in the other BB topic that the only real explanation I could see for how their management had been acting for years the only thing that made sense was they were intentionally tanking the stock for personal gain either short selling or controlling the fluctuations. Or possibly helping someone make a lowball offer for the company. So the CEO helps get the company sold then he gets fired and boom a massive money bag lands in his lap. He only gets the big money if he gets fired after the sale, but the buyers will do that for him since he was so helpful in getting them a rock bottom price. Fairfax Financial. The buyers. Based in Toronto. Have seen their stock value rise an average of 19% per year for the 27 years Prem Watsa has been there. The guy knows exactly what he is doing. Link to comment Share on other sites More sharing options...
Mr. Ambien Posted September 24, 2013 Share Posted September 24, 2013 As a shareholder I'm pissed because $9 is low and given Westa's reputation and the things he's said about the company in the past, I expected better. As a fan of the products put out by BlackBerry, I'm happy because it looked scary for a second or two. Link to comment Share on other sites More sharing options...
HTania Posted September 24, 2013 Share Posted September 24, 2013 $9 is low but better than nothing. Link to comment Share on other sites More sharing options...
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