Blackerry's largest single shareholder,
BlackBerry confirmed that it has signed a letter of intent agreement under which a consortium to be led by Fairfax has offered to acquire the company -- subject to due diligence.
The BlackBerry directors are recommending the offer.
The consortium is offering
At the end of the second quarter, Blackberry had around
Fairfax, which owns approximately 10 percent of BlackBerry's shares, intends to contribute its stake into the transaction.
The due diligence on the company is expected to be completed in early November, and the company is free to seek out competing offers from other buyers. Considering the patent pool owned by the company, and its large BBM consumer base, other handset and service providers may be keen to launch a hostile counter bid.
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