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Wireless

BlackBerry abandons sale, CEO steps down

Monday 4 November 2013 | 15:39 CET | News
BlackBerry has abandoned plans to sell the company and instead agreed a new investment and management team led by its largest shareholder, Fairfax Financial. The handset maker will issue USD 1 billion in convertible debt to institutional investors, including USD 250 million to be acquired by Fairfax. The seven-year debt at 6 percent annual interest can be converted at USD 10 per share, a 28.7 percent premium to the current share price, and represent a 16 percent stake in the company. As part of the new plan, Thorsten Heins is stepping down as CEO. John S. Chen, the former CEO of Sybase, will

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Categories: Mobile & Wireless
Companies: BlackBerry / Sybase
Countries: World
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