Canadian smartphone developer BlackBerry, formerly
The agreement sets up a "go shop" period of six weeks in which BlackBerry can entertain better offers.
The deal is contingent on a process of due diligence, negotiations and execution of a definitive agreement and approval by regulators, the companies said.
The Special Committee set up by the BlackBerry board to seek alternative corporate strategies "is seeking the best available outcome for the company's constituents, including for shareholders," said BlackBerry Chair
"Importantly, the go-shop process provides an opportunity to determine if there are alternatives superior to the present proposal from the Fairfax consortium," she said.
Last week, news reports said BlackBerry had plans to cut as many as 40 percent of its workforce of 12,700.
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