Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
BlackBerry Board of Directors start search for alternatives
Posted on 13-Aug-2013 07:55. | Tags Filed under: News.



BlackBerry Limited has announced that the Company's Board of Directors has formed a Special Committee to explore strategic alternatives to enhance value and increase scale in order to accelerate BlackBerry 10 deployment. These alternatives could include, among others, possible joint ventures, strategic partnerships or alliances, a sale of the Company or other possible transactions.

The Special Committee of the Board is comprised of Barbara Stymiest, Thorsten Heins, Richard Lynch and Bert Nordberg, and will be chaired by Timothy Dattels.

With the announcement of the Special Committee, Prem Watsa, Chairman and CEO of Fairfax Financial informed the Company that he felt it was appropriate to resign due to potential conflicts that may arise during the process. Fairfax Financial is the largest BlackBerry shareholder. Mr. Watsa said, "I continue to be a strong supporter of the Company, the Board and Management as they move forward during this process, and Fairfax Financial has no current intention of selling its shares."

“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,” said Timothy Dattels, Chairman of BlackBerry’s Special Committee of the Board. “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.”

Thorsten Heins, President and Chief Executive Officer of BlackBerry, added, “We continue to see compelling long-term opportunities for BlackBerry 10, we have exceptional technology that customers are embracing, we have a strong balance sheet and we are pleased with the progress that has been made in our transition. As the Special Committee focuses on exploring alternatives, we will be continuing with our strategy of reducing cost, driving efficiency and accelerating the deployment of BES 10, as well as driving adoption of BlackBerry 10 smartphones, launching the multi-platform BBM social messaging service, and pursuing mobile computing opportunities by leveraging the secure and reliable BlackBerry Global Data Network.”

JP Morgan Securities LLC is serving as financial advisor to BlackBerry and Skadden, Arps, Slate, Meagher & Flom LLP and Torys LLP are serving as legal advisors.

There can be no assurance that this exploration process will result in any transaction. The Company does not currently intend to disclose further developments with respect to this process, unless and until its Board of Directors approves a specific transaction or otherwise concludes the review of strategic alternatives.



comments powered by Disqus




Trending now »

Hot discussions in our forums right now:

The President Of The USA: Donald Trump
Created by TimA, last reply by clinty on 21-Jan-2017 10:43 (1794 replies)
Pages... 118 119 120


Lost Mp3 collection, how to rebuild on the cheap (legally)?
Created by TeaLeaf, last reply by kickintheeye on 18-Jan-2017 23:05 (18 replies)
Pages... 2


$1160 for a car battery??!!
Created by jonathan18, last reply by Aredwood on 21-Jan-2017 01:46 (53 replies)
Pages... 2 3 4


New Ford Mustang or Holden Commodore or alternatives
Created by MikeB4, last reply by BuzzLightyear on 21-Jan-2017 08:43 (62 replies)
Pages... 3 4 5


Xtra email no longer receives on Outlook 2003 / Outlook 2011 for MAC
Created by lNomNoml, last reply by richms on 21-Jan-2017 08:29 (31 replies)
Pages... 2 3


Good riddance to Obama and his drones. Pakistani villagers will be saying the same.
Created by amiga500, last reply by DarthKermit on 21-Jan-2017 10:43 (14 replies)

Upsize my American houses to McMansion value deal.
Created by kingdragonfly, last reply by richms on 18-Jan-2017 15:48 (14 replies)

Spec check on laptop for GoPro editing please
Created by martyyn, last reply by richms on 20-Jan-2017 17:23 (13 replies)