Co-Founders Want To Buy BlackBerry Ltd (NASDAQ:BBRY)

Posted by Lynn Eisler October 13, 2013 0 Comment 1386 views

As per a securities filing, Douglas Fregin and Mike Lazaridis, the BlackBerry Ltd (NASDAQ:BBRY) co-founders are now considering a bid to acquire the company. In effect, this will be an alternative to the $4.7B offer that had been put forth by Prem Watsa’s Fairfax Financial. There was no indication in the filing about whether the two founders had any plans of joining or presenting any alternative to the $9/share bid that had been put forth by Fairfax. There is still no clarity as to who the other members of Watsa’s group are.

The stakes

The filing said that in combination, Lazaridis and Fregin control approximately 8% of BlackBerry Ltd (NASDAQ:BBRY) while around 10% is controlled by Fairfax. With the exclusion of the shares that Fregin holds, Lazaridis has control of 5.7% of Blackberry stock which amounts to around 60,000 shares in excess of what he had control of, last year.

Friday’s trading

In Friday’s trading, BlackBerry Ltd (NASDAQ:BBRY) dropped by 1.59%. The opening price of the shares was $8.25, which climbed to an intraday high of $8.30 and dipped to a close of $8.07. Approximately 13.41 million shares were traded on Friday while an average volume of 29.75 million shares were traded over a 30 day period. The 52-week low of BlackBerry Ltd (NASDAQ:BBRY) shares is $7.46 and its 52-week high is $18.32. BlackBerry Ltd (NASDAQ:BBRY) has a market capitalization of $4.15 billion.

About the company

BlackBerry Ltd (NASDAQ:BBRY) was previously Research In Motion Limited. The company designs, manufactures and markets various wireless-solutions that are used in the global mobile communications market. Via the development of software,  integrated hardware and services, BlackBerry Ltd (NASDAQ:BBRY) provides solutions and platforms that provide seamless-access to information such as voice, e-mail, voice, IM, short message service , intranet and internet-based browsing and applications.

About Lynn Eisler

Lynn Eisler is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments. Lynn has been honored with the H.L. Mencken Award for Investigative Reporting, the Champion of Justice Award for reporting on the drug war, and the John Hancock Award for business reporting. Lynn was also a Knight Medical School Fellow at the University of Michigan.

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