Market Overview

Blackberry Shares Continue to Spike with Impending Takeover Offers

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Blackberry (NASDAQ: BBRY) shares have been spiking over rumors and announcements this week.

Blackberry shares rose in pre-market trading on Monday from rumors to see all or part of the company. Reuters reported that BBRY was talking with Cisco (NASDAQ: CSCO), Google (NASDAQ: GOOG) and SAP (NYSE: SAP) regarding this sale. BlackBerry closed at $7.97 Monday, a gain of 3.5 percent.

Yesterday, CEO Mark Wiseman of Canadian Pension commented on the possible participation to bid for Blackberry. Though Wiseman did not confirm if he was considering the Fairfax bid, which published their Letter of Intent on September 23. On Wednesday, BBRY shares hit a high of $8.14 and closed at $8.11, a gain of $0.13.

Today, Blackberry co-founders Mike Lazaridis and Douglad Fregin signed an agreement to work together with Goldman Sachs Group Inc. and Centerview Partners LLC on a potential takeover offer. Impending bids will compete with Fairfax Financial Holdings Ltd.'s $4.7B offer, a $9 per share proposal. Blackberry rose 2.1 percent after the filing was released. BBRY closed at $8.20, a gain of 1.11 percent.

Posted-In: Credit SuisseNews Rumors Contracts

 

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Benzinga's M&A Chatter for Thursday October 10, 2013

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