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Monday, 04 November 2013 11:33

Fairfax having difficultly buying Blackberry

Written by Nick Farrell



Can’t get the cash together

It is starting to look like Fairfax can’t get the readies together for its $4.7 billion bid for BlackBerry.

According to Reuters, the banks who like to say “yes” have said “no” because none of them believe that Blackberry can turn itself around. Fairfax, which is run by Canadian financier Prem Watsa, is working with Bank of America Merrill Lynch and BMO Capital Markets to put together a lending syndicate for a deal, but they have been turned down by several large lenders.

That is not to say the deal is dead yet. The Bank of America Merrill Lynch and BMO both have deep pockets themselves and still could do it. Fairfax already has a 10 percent stake in Blackberry and reached a tentative $9-per-share deal with BlackBerry in late September. It has until today to tell them that it will proceed.

Several other potential bidders are also mulling participation in BlackBerry's future. The deadline for them to submit bids for the company is also today.

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