Blackberry mulls sale of company to survive
Print Edition
Struggling smartphone maker BlackBerry will consider selling itself.
The company said yesterday that its board has formed a special committee to explore “strategic alternatives” in hopes of boosting the adoption of its BlackBerry 10 smartphone.
The company said its options could also include joint ventures, partnerships, or other moves.
BlackBerry Ltd has been hammered by increased competition from its Apple and Android-based rivals. In January, BlackBerry unveiled new phones running a revamped operating system called BlackBerry 10 designed to better compete, but its market share continues to lag.
BlackBerry also said yesterday that board member Prem Watsa, the company’s largest investor, resigned from the board “due to potential conflicts that may arise during the process.”
Watsa has said that he’s a “big supporter” of current CEO Thorsten Heins, and he would be an obvious bidder for BlackBerry. He has said that he believes BlackBerry can turn itself around, but that it might take three to five years. He’s the founder of insurer Fairfax Financial Holdings Ltd and is a well-known investor.
Yesterday’s notice marks the second time Blackberry has said it has hired bankers to help weigh its options since Heins became CEO in early 2012.
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