BlackBerry halts trading and confirms it is considering sale
BlackBerry has confirmed that it has formed a special committee to explore “strategic alternatives,” including its possible sale after it temporarily halted trading today, 12 August.
Under the advice of JP Morgan, the committee, including BlackBerry CEO Thorsten Heins, will look at options including joint partnerships or alliances with other companies, and failing that its eventual sale.
The move comes after dismal sales of its latest model, the BlackBerry 10, and loss in shareholder value over the past five years. In 2012 it posted a $646m loss, compared to earning $3.5bn in 2010.
"During the past year, management and the board have been focused on launching the BlackBerry 10 platform ... 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 new committee. "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."