Deals
BlackBerry Takeover Bid Collapses; CEO Heins Ousted
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BlackBerry Ltd., coping with the collapse of a $4.7 billion buyout by Fairfax Financial Holdings Ltd., will raise $1 billion in convertible bonds and seek a new chief executive officer for the struggling company.
BlackBerry shares fell 16 percent after Fairfax abandoned the takeover plan, opting instead for a bond deal and management shakeup. Fairfax, BlackBerry’s largest investor, will invest $250 million in the convertible debentures, according to a statement today. CEO Thorsten Heins will step down, while former Sybase Inc. chief John Chen becomes executive chairman, putting him in charge of the company’s strategy.