Blackberry $4.7 billion acquisition fails, Fairfax Group offers funding
Today is the D-day for Blackberry, but just like in their loss-riddled 2013 Quarter 2 financial statements, the Canadian company was let down once again.
As reported by TheGlobeandMail and mirrored by AllThingsD, Fairfax Financial Group did not collect enough money from investors to complete the $4.7 billion acquisition of Blackberry today, as agreed on last month.
However the investors have agreed to back Blackberry with 1 billion Dollars in funding. Fairfax Group will invest $250 million while another group of investors will supply the remaining $750 million.
Meanwhile, as part of the agreement, CEO and chairman of board of directors, Thorsten Heins, alongside director David Kerr will step down from their respective positions at Blackberry. John Chen will take over as interim CEO and chairman of the board.
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