BlackBerry shares are up 4.2% following a report in the Sunday Times that former director Prem Watsa has lined up billions of dollars in backing from Canada Pension Plan Investment Board to take BlackBerry private.
Other Canadian pension funds are seen supporting Watsa’s bid as well.
Watsa runs Fairfax Financial Holdings, which holds a 10% stake in BlackBerry, making it the company’s largest shareholder.
While Fairfax didn’t respond to a request for comment, a BlackBerry spokesperson said:
“We cannot comment on speculation surrounding Prem Watsa and his efforts.”
Wall Street was encouraged by the report, bidding BlackBerry’s shares 4.2% higher on Monday. The shares have soared more than 20% since the company opened the door to a sale.
Watsa, whose Fairfax Financial is Blackberry’s largest shareholder with a 10% stake, resigned from the company’s board in August after it said it was considering selling itself.
Original article: BlackBerry Shares up 4.2% on reports Prem Watsa has lined up billions of dollars.
