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Monday, August 12, 2013

BlackBerry formally looks at possibility of joint ventures, partnerships or company sale

BlackBerry says its board of directors has formed a committee that will “explore strategic alternatives to enhance value and increase scale in order to accelerate BlackBerry 10 deployment”. It notes this could include joint ventures, strategic partnerships or a sale of the company.

The special committee will be chaired by Timothy Dattels and is comprised of Barbara Stymiest, CEO Thorsten Heins, Richard Lynch and Bert Nordberg.

Timothy Dattels said “During the past year, management and the Board have been focused on launching the BlackBerry 10 platform and BES 10, establishing a strong financial position, and evaluating the best approach to delivering long-term value for customers and shareholders. Given the importance and strength of our technology, and the evolving industry and competitive landscape, we believe that now is the right time to explore strategic alternatives.”

Board member Prem Watsa, who’s also chairman and CEO of major BlackBerry shareholder Fairfax Financial, has resigned due to potential conflicts that may arise. He noted that Fairfax Financial currently had no intention of selling its shares.

BlackBerry says it doesn’t plan to reveal anything more about the process until it is concluded or a specific transaction is approved.

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Author: The Fonecast
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