BlackBerry Scraps Sale Plans In Favor Of $1B Investment

Law360, New York (November 4, 2013, 11:33 AM EST) -- Beleaguered smartphone maker BlackBerry Ltd. on Monday scrapped plans to sell itself and booted out its top executive in favor of a billion-dollar investment in the company, moves that came as the clock ticked down on a preliminary $4.7 billion takeover bid from BlackBerry's largest shareholder, Fairfax Financial Holdings Ltd.

The Canadian company said Fairfax and a group of unnamed institutional investors will pour $1 billion into BlackBerry through debentures that can be converted to common shares at $10 a pop, a 28.7 percent premium to...
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