BlackBerry is officially for sale.
According to the Wall Street Journal, BlackBerry Chief Executive Thorsten Heins – once optimistic about the potential for BlackBerry to turn things around – finds himself at the helm of a company looking for a fresh start and a way out of the tailspin from which it hasn’t yet escaped.
And so BlackBerry is now on the market, “a signal the company that pioneered the smartphone market now sees its prospects as a stand-alone public company diminishing fast.”
BlackBerry’s decision to “explore strategic alternatives” follows the company’s all-out effort to develop new phones and a new operating system fell flat in the wireless market.
“During the past year, management and the Board have been focused on launching the BlackBerry 10 platform and BES 10, establishing a strong financial position, and evaluating the best approach to delivering long-term value for customers and shareholders,” says Timothy Dattels, Chairman of BlackBerry’s Special Committee of the Board. “Given the importance and strength of our technology, and the evolving industry and competitive landscape, we believe that now is the right time to explore strategic alternatives.”
There can be no assurance, BlackBerry warns, that this exploration process will result in any transaction.
JP Morgan Securities LLC is serving as financial adviser to BlackBerry and Skadden, Arps, Slate, Meagher & Flom LLP and Torys LLP are serving as legal advisers.
