Saudi Arabia calls for equitable climate financing at UNHRC    NCM Forecast: Dust storms expected across Saudi Arabia until next week    SR200,000 fine for Saudi and Egyptian in cover-up case    PIF assets soar to $1.15 trillion in 2024    Saudi Arabia advances 14 places to 13th rank in IPR Enforcement Index globally    Hundreds of families displaced by wave of Israeli air strikes on Gaza, witnesses say    Republican Senator Thom Tillis to leave Congress after clash with Trump    Car bomb attack in Pakistan kills at least 13 soldiers    One of Hong Kong's last major pro-democracy parties disbands    Saudi Arabia imposes final anti-dumping duties on imports of steel pipes from China and Taiwan    Iranian Army Chief calls Saudi Defense Minister to discuss regional stability    Saudi Arabia's net FDI jumps 44% to SR22 billion in Q1 2025    Historic Jeddah's visual identity re-imagined through global art installations at Al-Arbaeen Lagoon    Saudi Arabia exit Gold Cup after quarterfinal defeat to Mexico    Al Hilal land in Orlando ahead of Club World Cup clash with Manchester City    Cristiano Ronaldo says the past is over and this season will be Al Nassr's    Al Hilal suffer injury blows ahead of Club World Cup match with Manchester City    Brad Pitt's Los Angeles home 'ransacked', police say    Tehran Symphony Orchestra holds free concert to honor Iranians killed in conflict with Israel    49% of Saudi internet users spend 7 hours a day online    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



BlackBerry weighs putting itself up for sale
Published in Saudi Press Agency on 12 - 08 - 2013

BlackBerry will consider selling itself after the long-awaited debut of its new phones failed to turn around the struggling smartphone maker, according to AP.
The company said Monday that its board has formed a special committee to explore "strategic alternatives" in hopes of enhancing the company's value and boosting adoption of its BlackBerry 10 platform.
The company said its options could also include joint ventures, partnerships, or other moves.
The Canadian company's stock jumped 5.1 percent to $10.27 in midday trading Monday.
BlackBerry Ltd. has been hammered by increased competition from its Apple and Android-based rivals. In January, BlackBerry unveiled new phones running a revamped operating system called BlackBerry 10 designed to better compete, but its market share continues to lag.
Mike Walkley, an analyst with Canaccord Genuity, said sales are getting worse even with price reductions for the new phones.
"Now they have to go to the next step of what's best for the company and shareholders to survive long term because it doesn't look promising on BlackBerry 10 sales," Walkley said.
Monday's announcement marks the second time BlackBerry has said it has hired bankers to help weigh its options since Thorsten Heins became CEO in early 2012. Heins had said then he was not actively looking to sell BlackBerry, but said he wanted to be prepared given the challenging environment. He ended up focusing on launching BlackBerry 10 this year, but the company warned in June of future losses.
The BlackBerry, pioneered in 1999, had been the dominant smartphone for on-the-go business people and other consumers before the iPhone debuted in 2007 and showed that phones can handle much more than email and phone calls. The company faced numerous delays modernizing its operating system with the BlackBerry 10. During that time, it had to cut more than 5,000 jobs, and shareholder wealth declined by more than $70 billion.
The strategic review will be headed by Timothy Dattels, who joined BlackBerry's board last year and is a senior partner at TPG Capital, one of the world's largest private equity firms.
BlackBerry also announced Monday that board member Prem Watsa, the company's largest investor with a 9.9 percent stake, resigned from the board "due to potential conflicts that may arise during the process."
Watsa could be a bidder. Watsa has said that he believes BlackBerry can turn itself around, but that it might take three to five years. He's the founder of insurance company Fairfax Financial Holdings Ltd. and is one of Canada's best-known investors.
Watsa stepping down from the board doesn't necessarily mean he's interested in buying the company, Walkley said - if Watsa were interested, he would have made that move some time ago.
But BGC Financial analyst Colin Gillis said Watsa, partnered with some financial backers like a pension fund, could be bidders. He said technology companies like Apple, Google or Microsoft would not be interested because already have their own mobile platforms.
"Anyone who is a player in the space has taken a sniff and moved on," Gillis said. "Now you've got financials."
Gillis also said he doesn't see Canadian or U.S. regulators allowing BlackBerry to be owned by a Chinese company. Major clients like the U.S. Department of Defense would abandon the company, he said.
"Its core reputation for security would fall apart really fast," Gillis said.
Gillis said if BlackBerry is able to find a private buyer it would allow management to focus on a turnaround and get out of the glaring public spotlight.
"If they can get it done they should absolutely do it. If they have a future it would be better to do out of it the public eye," Gillis said.
BlackBerry said in its release that there can be no assurance that the exploration process will result in any transaction and declined further comment unless and until its board approves a specific sale or concludes a review of strategic alternatives.
JP Morgan Chase & Co. is serving as its financial adviser and Skadden, Arps, Slate, Meagher & Flom LLP and Torys LLP are legal advisers.


Clic here to read the story from its source.