A lot of rumors have been circling since BlackBerry announced it would consider possible buy out options. Shortly thereafter, Prem Watsa resigned from the BlackBerry board of directors, and his company Fairfax Financial put in an official bid for BlackBerry at $4.7 Billion.
Prem Watsa’s Fairfax Financial has to pull together the funding for the bid by November 4th. Other suitors have apparently considering a bid on BlackBerry including Google, SAP, and Cisco.
It has been rumored even co-founders of BlackBerry were considering trying to take back the company. The latest rumor from Globe & Mail suggests that former Apple CEO John Sculley is now considering a bid.
We previously reported that Sculley has faith BlackBerry can still survive. Like Watsa, Sculley admits “I’ve been a long-time BlackBerry fan and user.”
In a previous interview, Sculley said that whomever takes over BlackBerry needs to have strong management experience.
“The only thing I would say is, I think there’s a lot of future value in Blackberry,” Sculley said, “but without experienced people who have run this type of business, and without a strategic plan, it would be really challenging … Whoever buys it would have to have a strategic plan that was credible and could succeed, and they would want to have an experienced team that would be able to implement that plan.”
However, there’s still only one publicly available option at this time. Fairfax Financial owns over 10% of BlackBerry. A 90% approval from shareholders is needed for a buyout, which allows Fairfax Financial the ability to block other bids as it sees fit.
via Globe & Mail