There is no update from Fairfax today on its buyout of BlackBerry. Since the initial offer much has changed:
By Will Connors
Fairfax, the Canadian insurer led by Prem Watsa, in late September struck a preliminary $4.7 billion deal to buy the shares of BlackBerry it didn’t already own and take the troubled smartphone company private. Since the announcement of the deal, which Fairfax can walk away from at no penalty, investors have reacted skeptically, sending BlackBerry shares down more than 11%.
On Friday, Fairfax held a conference call to discuss its own third-quarter financial results. As soon as the call was opened to analysts’ questions, a request for an update on the BlackBerry bid was put forth.
Mr. Watsa, Fairfax’s founder and chief executive, declined to comment and quickly moved on. Investors will have to wait til Monday, when the due diligence period for the BlackBerry deal expires, to get an update.