Doors Closing
“Looks like doors are closing on BlackBerry, and they are going to be looking at fewer options,” said Jack Ablin, chief investment officer at BMO Private Bank in Chicago, who helps manage $66 billion in assets. “Another company may want to get a jump into the handheld device business. Besides that, I would say a last-ditch measure would be to sell intellectual property and patents.”
The company put itself on the block after the new BlackBerry 10 operating system failed to compete with the iPhone and devices powered by Google Inc.’s Android software. Today’s move marks the conclusion of BlackBerry’s strategic review. As part of the changes, Heins and David Kerr will step down as directors. Barbara Stymiest, the company’s current chairman, will remain on the board as the head of the audit and risk-management committee.
“The BlackBerry board conducted a thorough review of strategic alternatives and pursued the course of action that it concluded is in the best interests of BlackBerry and its constituents, including its shareholders,” Stymiest said in the statement. “This financing provides an immediate cash injection on terms favorable to BlackBerry, enhancing our substantial cash position.”
Article Appeared @http://www.bloomberg.com/news/2013-11-04/blackberry-takeover-bid-collapses-ceo-is-ousted.html