Report: BlackBerry Execs Met With Facebook

By Social Media FOXBusiness


BlackBerry (BBRY) executives met with Facebook (FB) in California last week to gauge the social media giant’s possible interest in a bid for the struggling smartphone maker, according to The Wall Street Journal.

Continue Reading Below

The report said it remains unclear whether Facebook is interested in making a play for BlackBerry, which agreed last month to a preliminary $4.7 billion buyout deal with one of its largest shareholders, Canadian insurance firm Fairfax

BlackBerry said it’s “conducting a robust and thorough review of strategic alternatives” and doesn’t intend to disclose further developments until a transaction is approved. Facebook didn’t immediately respond to a request for comment.

Several other potential bidders have surfaced, including Chinese electronics company Lenovo. The computer maker is said to be considering a bid for all of BlackBerry.

Private equity firm Cerberus Capital Management and BlackBerry co-founder Mike Lazaridis are also reportedly interested in making offers for Waterloo, Ontario-based company.

BlackBerry, once an industry leader in smartphones, lost market share to the likes of Apple (AAPL), Samsung and Google (GOOG). Its latest touchscreen devices failed to gain traction, and the company posted a wider second-quarter loss.

Continue Reading Below

Shares were trading 2.4% higher at $8.40 on Tuesday afternoon. As of Monday’s close, the stock had fallen nearly 31% year-to-date.

What do you think?

Click the button below to comment on this article.