BlackBerry Founder Walks Away From Possible Takeover Deal
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BlackBerry Ltd. co-founder and former Chief Executive Officer Mike Lazaridis walked away from a possible takeover plan and reduced his stake in the struggling smartphone maker after it ended an attempt to sell itself.
Lazaridis now owns 26.3 million shares, or 4.99 percent of its outstanding shares, according to a regulatory filing yesterday. The former BlackBerry executive, who earlier this year had considered making a bid for the Waterloo, Ontario-based company, sold more than $26 million of stock this week, according to the filing. Together with co-founder Doug Fregin, he had controlled about 8 percent of the stock.