When Fairfax Financial CEO, Prem Watsa, decided to resign from BlackBerry’s board of directors it got everyone pondering the move. We even speculated that perhaps Watsa stepped down to prepare for a bid to take BlackBerry private.

Citing unnamed sources, the UK’s The Sunday Times reported that’s exactly what’s happening and in fact Prem Watsa has generated billions in backing from Canada’s biggest pension funds.

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Prem Watsa’s company Fairfax Financial is BlackBerry’s largest shareholder with a 10% stake. BlackBerry’s shares are +4.2% following the report.

via The Sunday Times