BlackBerry eyed by rival bidders

Oliver Smith
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BLACKBERRY’S stock slide was halted yesterday as reports of further interested parties in the struggling handset maker emerged.

Last month BlackBerry accepted a tentative $4.7bn (£2.9bn) buyout offer from Fairfax Financial Holdings after the Canadian firm warned that it expected to report a $950m loss in its second quarter results. Private equity group Cerberus Capital Management is now considering a rival offer for BlackBerry, according to Reuters.

BlackBerry reported yesterday that it expects to incur charges of $400m through the rest of the year as part of its cost-cutting initiative that includes the previously announced 40 per cent reduction of its workforce.

The company’s shares were up 0.5 per cent on the news yesterday, reversing a five per cent fall earlier in the session, to close at $7.90.

BlackBerry declined to comment on any further developments in the sale process.