Fairfax says yes buy BlackBerry - Terra.com

In this photo from May 14, 2013, Thorsten Heins, president and CEO of BlackBerry, speaks at a press conference in Orlando, Florida. Prem Watsa, head of Fairfax Financial Holdings Ltd. said on Wednesday, September 25, 2013 that it intends to complete the sale of BlackBerry, though it is suspected that the agreement for 4,700 million dollars to acquire the handset maker polyfunctional will dissipate into the air. itemprop=”copyrightHolder” Photo: John Raoux, File / AP

Director of Fairfax Financial Holdings Ltd. said Wednesday it intends to complete the sale of BlackBerry, despite doubts that the agreement for 4,700 million dollars to acquire the polyfunctional phone maker dissipate in the air.

BlackBerry

announced days ago that Fairfax signed a letter of intent that “provides” pay nine dollars per share to buy the Canadian company, which is mired in problems of loss of market share. Fairfax, its largest shareholder, tries to attract other investors to the operation.

BlackBerry

shares lost 6% on Wednesday, placing one U.S. dollars below what Fairfax offered amid fears that the deal does not come to fruition.

No penalty charge if Fairfax retracts, but Prem Watsa, CEO of the company, told The Associated Press that his firm is not what make an offer and then do not, or ask restructure the deal.

“We have 28 years of history to complete what we have done. never have renegotiated” he said. “We thought long and hard before we offered nine dollars per share and do not usually provide a figure and modify it at the last moment. During 28 years we have a stellar reputation on that front. Simply do not do that”.

Watsa noted that the agreement is subject to six weeks checking mechanism prior to closing the purchase, but emphasized that Fairfax will not abandon.

He retired as a member of the board last month due to possible conflicts of interest when BlackBerry announced it was considering offered for sale. If the deal goes through, the company would go public.

Watsa said Fairfax

not contribute more to the auction that the 10% it already owns.

Pierre Ferragu, analyst at Bernstein, said that the lack of details makes the chances that the deal is done look grim. He noted that his company is adding more value to the capital already has and it is unlikely that other investors to join a proposal “that sounds like a last chance to try to rescue the involvement of Fairfax”.

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