Digital Technology : Blackberry in $4.7bn takeover deal with Fairfax

Digital Technology : Blackberry in $4.7bn takeover deal with Fairfax:                         Tech pioneer Blackberry made a last roll of the dice and to agreed a probable $4.7 billion buyout by a consortium p...

Blackberry in $4.7bn takeover deal with Fairfax

                        Tech pioneer Blackberry made a last roll of the dice and to agreed a probable $4.7 billion buyout by a consortium planning to take the struggling smartphone maker private.
The Canadian billionaire (Prem wasta ) behind a $4.7bn (£2.9bn) offer to take the ailing smartphone maker BlackBerry private has insisted he will complete the deal.Mr Watsa insisted on Wednesday he would complete the deal, in spite of clauses that mean Fairfax will face no penalty if it walks away, and receive $150m if BlackBerry backs out.

                        He said: “We've got a track record of 28 years of completing what we've done. We've never re-negotiated.

“We thought long and hard before we offered $9 dollars a share and we're not in the business of offering a number and at the last minute changing the figure. Over 28 years our reputation is stellar on that front. We just don't do that.

”Struggling smartphone maker Blackberry has agreed in principle to be bought by a consortium led by Fairfax Financial for $4.7bn (£3bn).

Blackberry was one of best smart phone tech but Android and Apple they coincidentally record announced sales of latest iphone 5c and 5s on 23rd sept 2013.

Blackberry stock was down six percent to $8.23 before trading was halted just prire to its announcement .its shares bounced back in afternoom trading to close at $9.08 but farbelow stocks high  history .

While Blackberry helped create a culture of mobile user glued to smartphones,many have since movedto iphones ,or samsung's galexy ranges ..

Blackberry's financial problems came to a head this year following disappointing sales of its new Z10 model smartphone.

Released in January - after many delays - the phone has failed to enthuse consumers.