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Blackberry announces it is ready to 'explore strategic alternatives', options include selling the company

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Blackberry announces it is ready to 'explore strategic alternatives', options include selling the company
BlackBerry, the ailing Canadian smartphone maker, has just announced its board of directors has agreed to ‘explore strategic alternatives’ and is forming a special committee.

What does this mean? It’s basically both a public acknowledgment of the troubled state of the company and also a serious attempt to do all it takes to save BlackBerry. The Canadian company formerly known as RIM announces it is ready to seek alternatives like forming a joint venture, sales of various assets, or downright selling the company.

BlackBerry has hired J.P. Morgan to advise it on its financials and two law firms, Skadden Arps and Torys LLP in the role of legal advisers. Within the last year the company released BlackBerry 10 and the first new devices running on the new operating system, but it continues losing market share. The Canadian phone maker has lost hugely important government clients as they switch to Android and iOS.

Investors liked the news and BlackBerry shares grew over 7% to reach $10.50 apiece. The announcement does not guarantee that BlackBerry will sell its business, but the company definitely needs to try to fix its mobile business at all costs.

+- Press Release

source: BlackBerry

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