Cerberus Chewing Over BlackBerry Bid
BlackBerry shares rose nearly two percent to touch a high of $8.14 following a Wall Street Journal report claiming Cerberus Capital is mulling a possible bid for the company (an aptly named suitor considering BlackBerry’s proximity to the gates of Hell). Evidently the private equity outfit, which specializes in “distressed investing,” aims to sign a confidentiality agreement that will give it access to BlackBerry’s books.
While sources caution that Cerberus may well opt not to pursue a bid, word of its interest in the company was enough to reverse the precipitous fall BlackBerry’s shares have suffered following its latest grotesque financial disclosure and news that it has reached a tentative deal to sell itself to Fairfax Financial Holdings, one of its large investors.
BlackBerry declined comment on Cerberus’ reported interest in its business. “We do not intend to disclose further developments with respect to the process until we approve a specific transaction or otherwise conclude the review of strategic alternatives,” a company spokesman said.