Date
21 September 2017
BlackBerry has refuted a media report that it was in talks with Samsung regarding a takeover offer from the South Korean firm. Photo: Bloomberg
BlackBerry has refuted a media report that it was in talks with Samsung regarding a takeover offer from the South Korean firm. Photo: Bloomberg

BlackBerry denies reported acquisition talks with Samsung

BlackBerry Ltd. has refuted a media report that it was in discussions with Samsung Electronics Ltd. regarding a takeover offer from the South Korean firm.

Noting that it was aware of certain press reports with respect to a possible offer by Samsung, BlackBerry said in a statement that it “has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry,” Business Insider reported.

The statement came after Reuters reported earlier Wednesday that Samsung recently approached BlackBerry about a potential acquisition deal for the Canadian smartphone maker.

Samsung has offered to pay as US$7.5 billion in a play for BlackBerry’s vast patent portfolio, the report said, citing citing a source familiar with the matter and some documents.

According to the report, Samsung proposed paying between US$13.35 and US$15.49 per share, representing a premium of up to 60 percent over BlackBerry’s share price before the news broke.

Executives from the two companies met last week to discuss a potential transaction, the source was quoted as saying.

The report sent BlackBerry shares up nearly 30 percent on Wednesday, but the stock crashed in after-hours trading after the Canadian firm denied the acquisition talks.

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RC

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