Blackberry [formerly Research in Motion], a publicly traded Canadian corporation, agreed in principal to be acquired for a total of $4.7 billion (at $9 per share, which is a premium above its 9/23/2013 stock value of $8.78) by privately held Fairfax Financial, a Canadian based holdings company whose main business is insurance. Despite wide acclaim for its security features and wide use among government agencies and business enterprises, Blackberry’s newest mobile phones have failed to compete with Apple, Samsung, Motorolla, and HTC products. News of the pending acquisition comes only a week after Blackberry announced a second-quarter loss of $1 billion and that it will lay off 40% of its workforce (about 4,500 jobs).
A. James Boyajian is an attorney in downtown Los Angeles practicing Intellectual Property, Corporate, and Entertainment law. He previously interned at the FCC's Office of Strategic Planning and edited for the Federal Communications Law Journal. J.D. Indiana University Maurer School of Law. Contact: [email protected]