Dorsey Gardner asked financial regulators in the U.S. and Canada to force a vote on Fairfax’s proposed US$605 million debenture offering. BlackBerry said no vote is needed. (The Globe and Mail)
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Dorsey Gardner asked financial regulators in the U.S. and Canada to force a vote on Fairfax’s proposed US$605 million debenture offering. BlackBerry said no vote is needed. (The Globe and Mail)
Talking point: The shareholder fight comes as BlackBerry is trying to reinvent itself. In June, the firm was dropped from the TSX 60 after its market cap hit $4 billion, well below its peak of about $84 billion. Shortly after, BlackBerry posted a first-quarter loss of US$631 million. Earlier this month, the firm announced plans to build a 5G-enabled smartphone. It’s also expanding its smart-car software business to China. Fairfax offered to buy BlackBerry for US$4.7 billion in 2013 and reportedly held talks this summer to acquire the shares of BlackBerry it doesn’t currently own. This US$605 million offering, if it goes through, would give Fairfax 20.3 per cent control.
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