The end is near for BlackBerry, which has filed a "letter of intent" to sell itself to Fairfax Financial and go private, according to a company announcement on Monday afternoon. If the deal goes through, BlackBerry would be purchased for just $9 per share, which is incredibly low. That's below where the stock sat on Friday just before announcing layoffs to 40 percent of the company. Or, to put it in perspective with another, more successful phone-maker, the $4.7 billion buyout is less than Apple's revenue from its weekend sales blowout, as analyst Benedict Evans points out on Twitter.
BlackBerry officially put itself up for sale about a month ago, with little success. Not too many tech and investment companies want to pay — even dirt cheap — for the struggling Canadian smartphone maker. But buyers' interest had piqued this weekend, reported The Telegraph, after BlackBerry reported huge lay-offs and a big billion dollar loss. Despite losing money, the company's patents and software have some value, which the corporation itself has never been more vulnerable.
Fairfax Financial, one of the potential buyers cited, is currently BlackBerry's biggest shareholder. "We believe this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employees. We can deliver immediate value to shareholders, while we continue the execution of a long-term strategy in a private company with a focus on delivering superior and secure enterprise solutions to BlackBerry customers around the world," Prem Watsa, CEO of Fairfax assured.