Fairfax Financial Holdings boss Prem Watsa is confident the consortium he leads can find the money to fund its $4.7 billion bid for troubled smartphone maker BlackBerry.
Shares have plummeted since the announcement that Blackberry is about to be sold off and taken private. But there were some fears that the deal would not complete. However Watsa said that he would not put his name to such a high-profile deal if he didn't feel confident that at the end of the day that our due diligence would be fine and Fairfax could finance it.
The Canadian-led consortium put in its $9 a share bid for BlackBerry and said that phone maker would have better chances as a private entity. The former phonemaker known as RIM pioneered mobile email communications. BlackBerry shares closed a full dollar below the bid price on the Nasdaq indicating that investors are skeptical the deal would succeed.