BlackBerry To Weigh Putting Itself Up For Sale
NEW YORK (CBSDFW.COM/AP) — Struggling smartphone maker BlackBerry says it will consider a variety of “strategic alternatives”, including selling itself.
The company made the announcement on Monday that its board has formed a special committee to explore the “strategic alternatives” in hopes of boosting the adoption of its BlackBerry 10 smartphone.
“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,” said 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.”
The company says its options could also include joint ventures, partnerships, or other moves.
The Canadian company’s shares had risen Friday on reports that it might be warming up to the idea of someone taking it private.
BlackBerry Ltd. has been hammered by increased competition from its Apple and Android-based rivals.
In January, BlackBerry unveiled new phones running a revamped operating system called BlackBerry 10 designed to better compete, but its market share continues to lag.
The company says it does not intend on disclosing any further information until a specific transaction occurs or the review is complete.
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