New Investors For Blackberry
The struggling Smartphone maker BlackBerry is now being helped by a group of Canadian, American and Qatari investors to help finance Fairfax Financial Holding's planned $1 billion investment.
BlackBerry's largest shareholder Fairfax, announced the investment on Monday after its conditional offer to take BlackBerry private in a $4.7 billion deal had collapsed. Fairfax will invest $1 billion through debt securities that can be converted into common shares at $10 a share.
$2.3 billion is still available with the company in cash and it is also expecting a tax refund of $500 million to $1 billion from the Canadian government.
The money being pumped in is intended to help stabilize BlackBerry, which has already during its last fiscal quarter has used about $500 million of its cash holdings .
BlackBerry on Monday discarded plans to sell itself and as an alternative opted to raise $1 billion by selling convertible notes to a group of investors.
John S. Chen, the former chief executive of Sybase is the second straight chief executive at Canada's most prominent technology company to receive a worthwhile pay package for what could be a short stint of work.
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