BlackBerry has been in the news quite a lot recently, particularly after it issued a warning that it expected to lose as much as $1 billion due to inventory write down. The company initially planned on revealing its second quarter fiscal results through a conference call and webcast, but it has decided against it. Nevertheless, BlackBerry is still expected to reveal the results on Friday, there just won’t be any discussions.
Recently BlackBerry announced that it has signed a letter of intent with Fairfax Financial Holdings, the latter has submitted a $9 per share buyout bid to take BlackBerry private to the tune of $4.7 billion. In deference for the buyout offer, BlackBerry has decided to cancel the customary earnings conference call. There were rumors circulating that the company was looking for a quick sale which it expected to close before November. Fairfax will do its due diligence over the next few weeks, during this time BlackBerry is free to shop itself to other buyers, who might potentially have an offer better than $9 per share. Prior to announcing the signing of a letter of intent, the company had already revealed that it intended to focus more on the enterprise and prosumer market, and that it has slimmed down the future product roadmap from six to four devices.RELATED