BlackBerry reportedly seeking to accelerate auction process and finalize sale by November

BlackBerry reportedly seeking to accelerate auction process and finalize sale by November

BlackBerry revealed in August that it was looking into “strategic alternatives” that included a sale of the company, and now a new report from The Wall Street Journal suggests the company has a short list of possible bidders and is hoping to complete a deal by November.

The newspaper’s sources said the company is interested in pursuing a “fast auction process”. Given that BlackBerry is mired in uncertainty after announcing its interest in selling, a quick deal would serve its interests.

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Shares of BlackBerry jumped 5 percent to $10.75 on Wednesday, fueled by rumors of the sale. Microsoft’s recent purchase of Nokia smartphone business for $7.2 billion (including patent licenses) has driven speculation about the valuation that BlackBerry could attract. BlackBerry’s current market capitalization of $5.63 billion is a shadow of its peak size in 2007 when the stock traded for over $200.

Microsoft had actually been suggested as a possible buyer, so the Nokia deal has been viewed by some analysts as bad news for BlackBerry. Lenovo has also been put forth as a potential suitor, though the company has remained silent on its intentions.

➀ BlackBerry Pushes for Speedy Sale Process [The Wall Street Journal]

Image credit: Digital Vision

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