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.
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.
➤ BlackBerry Pushes for Speedy Sale Process [The Wall Street Journal]
Image credit: Digital Vision
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