Fairfax Financial Holdings Ltd, which is BlackBerry Ltd.'s largest shareholder, on Wednesday announced that it would buy another $250 million of the struggling smartphone maker's convertible debentures.
Prem Watsa
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Fairfax Financial Holdings Ltd had until November 4 to negotiate a definitive agreement to buy out Blackberry Ltd.
According to a Bloomberg report, BlackBerry became so desperate to find a possible buyer for the struggling smartphone maker which resulted to an agreement to pay its biggest shareholder a rare breakup fee.
Prem Watsa, the Canadian Warren Buffett, expressed confidence as to his consortium's bid for the floundering Canadian smartphone maker.
Blackberry shares jumped slightly as rumors of a buyout offer from its biggest shareholder became news.
Venture capital tycoon Prem Watsa quit from BlackBerry board and was expected to outline BlackBerry's stock market exit.
Billionaire Prem Watsa could be the key to any successful Blackberry deal.
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