BlackBerry co-founders show interest in acquiring struggling company

Lazaridis had held the position of president,Co-CEO and Co-chair at BlackBerry,while,Fregin had worked as its vice president of operations.

Lazaridis and Fregin are interested in pursuing a joint bid for the possible acquisition of the company by means of a transaction with the goal of stabilising and ultimately reinventing the company based on a plan developed by them, BlackBerry said in a filing to the US Securities and Exchange Commission.

The development follows months of speculation of a buyout with BlackBerry announcing in September of signing a letter of intent with a consortium headed by Prem Watsa-led Fairfax Financial Holdings to acquire it for 4.7 billion.

The filing,however,does not indicate if the co-founders are planning to present an alternative to the 9 per share bid by Fairfax. While,Lazaridis and its affiliates ownership stake in BlackBerry consists of ownership of 29,767,887 shares,Fregin and his affiliates own 11,912,186 common shares in the firm.

Fairfax controls about 10 per cent stake in BlackBerry. The smartphone makers total outstanding shares stood at 524 million as of June 30,as per data available with Nasdaq.

The parties agree to work together during the term of this Agreement to submit a joint bid with respect to the transaction, the filing added.

Goldman Sachs amp; Co,Centerview Partners,Gibson,Dunn amp; Crutcher,Goodmans and other advisors have been engaged by Lazaridis and Fregin in connection with the review of the transaction.

Going back

BlackBerry co-founders ,Mike Lazaridis and Douglas Fregin,have entered into a preliminary arrangement for bidding to acquire the firm

Lazaridis was the president,Co-CEO and Co-chair at BlackBerry,while,Fregin had worked as its vice president of operations.