WATERLOO, ON – It looks like the jig may finally be up for smartphone maker BlackBerry, as the company announced today it is “exploring strategic alternatives” that could include selling the company.
BlackBerry’s board of directors has formed a special committee to explore strategic options that include joint ventures and strategic partnerships in a bid to enhance value and increase scale to speed up the deployment of its BB 10 smartphones.
Members of the special committee include Barbara Stymiest, BlackBerry CEO Thorsten Heins, Richard Lynch and Bert Nordberg, with Timothy Dattels acting as chair.
Prem Watsa, chair and CEO of Fairfax Financial, BlackBerry’s largest shareholder, announced he would resign from BlackBerry’s board because of a potential conflict of interest, which may indicate that Fairfax Financial could play a larger role in BlackBerry’s future.
“Fairfax Financial has no current intention of selling its shares,” Watsa said in a statement from BlackBerry.
“Given the importance and strength of our technology, and the evolving industry and competitive landscape, we believe that now is the right time to explore strategic alternatives,” said Dattels.
JP Morgan Securities LLC is working with BlackBerry as a financial advisor, while Skadden, Arps, Slate, Meagher & Flom LLP and Torys LLP are serving as legal advisors.
