Blackberry ousts CEO; buy-out deal looks unlikely.
Blackberry is now on the edge as reports say that the CEO is out and banks are reluctant to put up the $4.7 billion price for Fairfax’s buy-out bid.
If there’s no deal between the banks and Fairfax by 10pm tonight, then all bets are off and a break-up could be on the cards.
Meanwhile CEO Thorsten Heins is said to have resigned and has been replaced by John Chen as interim CEO. Heins stood to make $35 million if he’d been ousted after a take-over.
Fairfax had extracted a condition that they’d be paid $175 million if Blackberry accepted another bid before 10pm tonight and $262 million if it accepts a bid after 10pm tonight.
Reports say that the Fairfax plan is now to raise $1 billion in convertible bonds and kick out the board.