24 September, 2013

CNN Breaking News

BlackBerry today announced plans to become a private company in a deal that is worth just $4.7 billion.

Hedge fund Fairfax Financial, BlackBerry's largest shareholder, hopes to buy the company outright for $9 per share, the company announced. That's an extremely low premium -- prior to the announcement, BlackBerry was trading at $8.24 per share. As recently as Friday, BlackBerry shares were trading at more than $10. Shares of BlackBerry traded just above $9 after the announcement.

The deal comes just three days after BlackBerry announced brutal preliminary quarterly financials. On Friday, BlackBerry said it will lay off 4,500 staffers by the end of the year, and the company will log a $1 billion loss for last quarter. BlackBerry also said Friday that it plans to offer just four smartphones going forward instead of six.

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