BlackBerry bids adieu to Heins, raises $1 billion
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BlackBerry bids adieu to Heins, raises $1 billion
Embattled smartphone maker BlackBerry said it raised $1 billion from Fairfax Financial and jettisoned CEO Thorsten Heins on Monday, in a bid to right a share price and market share in freefall,
Just months after a make or break launch of a new device fell flat, BlackBerry—whose attempts at reinvention have done little to restore investor confidence—booted Heins and much of the company's leadership team. In a statement, BlackBerry said Fairfax and a "other institutional investors" would invest $1 billion in the company through convertible securities. The deal will be complete within the next two weeks, it added.
In September, BlackBerry agreed in principle Monday to be acquired by Fairfax, a Canadian insurance company, for $9 a share in a deal worth $4.7 billion in U.S. dollars. Yet since then, a host of suitors have appeared to court the struggling phone maker with alternative bids.
Initial indications show investors giving the move the thumbs-down: In pre-market trading, the company's shares plummeted by nearly 20 percent.
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(0)NASDAQ DIP and RIP
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