Consortium led by Fairfax makes offer to buy BlackBerry

SAO PAULO-a consortium led by Canadian investment firm Fairfax Financial Holdings offered $ 9 for every action of the BlackBerry, also from Canada, to acquire control of the company. In a statement, the manufacturer of smartphones showed that a letter of intent was signed between the parties.
The suggested retail price for the Fund Manager evaluates the BlackBerry at $ 4.7 billion. This afternoon, the papers were traded on Nasdaq, New York technology exchange, at $ 8.23 — equivalent to a market value of $ 4.32 billion. The value would be paid in cash by Fairfax.
According to the BlackBerry, the investment firm has asked six weeks ago to perform the necessary audit and decide on the acquisition, the so-called "due diligence" — up to the maximum of 4 November. Fairfax already holds approximately 10% of the share capital of the company.
Shortly after the announcement, shares of BlackBerry arrived to rise 9.3% and their trading was suspended. On Friday, after disclosing expectations of nearly $ 1 billion in operating loss and the cut of 40% of its workforce, the company saw their roles back 15%.
The Board of Directors have accepted the terms offered by Fairfax. The Special Committee, headed by Tim Dattels, who took care of the "strategic alternatives" to its operation, recommended the favorable ruling. "We're looking for the best outcome for our shareholders," explained the Chairman of the Board, Barbara Stymiest.
The negotiations between the Consortium and the BlackBerry has financial advisory BMO Capital Markets, Bank of America Merrill Lynch (BofA) and BDT & Company. The first two institutions serve as funders of Fairfax in the business.