BlackBerry sale goes nowhere, stock goes south, CEO to go somewhere else
Today was the day that BlackBerry was to announce a new owner, either a successful bid from a new party, or the announcement that Fairfax Financial Holdings has secured financing for its bid. Instead it was announced that CEO Thorsten Heins would be leaving the company (and AllThingsD estimates he’ll be leaving with $22 million worth of BlackBerry’s money).
At lunch time BlackBerry stock was down nearly 17 percent to $6.45.
Fairfax’s bid never seemed very real, more an attempt by the largest shareholder of the company to lure in a new bidder. Some names were floated about, but the idea that a big tech company was going to enter the scene seemed far fetched – especially after Google’s debacle with Motorola Mobility.
But with the stock cratering, there is actually an increased chance that someone might come to the rescue. fairfax’s bid was for $9 a share, now the winning offer could be half that amount.
Heins moved to Toronto from Siemens in January 2012 when BlackBerry’s founders, James L. Balsillie and Mike Lazaridis, left the company. Now John S. Chen, a former chief executive of Sybase, will become BlackBerry’s acting CEO lending either a new hire, a sale, or who knows.