Six weeks from now, if all goes well, Fairfax Holdings Ltd. will takeover BlackBerry Ltd. in a deal valued at about $4.7 billion. The deal is expected to close by November 4, The Globe and Mail reports.
Fairfax has six weeks to conduct due diligence. Meanwhile, BlackBerry will continue to entertain other offers. However, Fairfax would be entitled to match any other offers made to the beleaguered manufacturer of cell phones.
….The group has arranged debt financing from Bank of America and Bank of Montreal. “We’re trying to make sure it remains in whole in Canada,” said Mr. Watsa, who stepped down from BlackBerry’s board last month to avoid criticism over a potential conflict of interest as he sought to find a future path for the beleaguered company. Fairfax is its largest shareholder, with a 10 per cent stake.