BlackBerry's shares rise on report of buyout

Mon Sep 9, 2013 8:41am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

NEW YORK, Sept 9 (Reuters) - BlackBerry Ltd's U.S. shares rose 3 percent on Monday after a report that a Canadian investor was closing in on a rescue deal for the battered smartphone maker that put itself up for sale last month.

The company's shares rose to $11.17 in premarket trading after closing at $10.84 on the regular Nasdaq session after a report in Britain's Sunday Times newspaper that Canadian investor Prem Watsa has backing from pension funds for a bid.

BlackBerry representatives were not immediately available for a comment.

Watsa's company, Fairfax Financial Holdings, is BlackBerry's biggest shareholder with 10 percent, and is seen as key to any decision about a sale of the Canadian company.

Watsa stepped down from BlackBerry's board in August citing a potential conflict of interest with the company's announcement that it was exploring strategic alternatives.

(Reporting by Sinead Carew; Editing by Maureen Bavdek)