Struggling smartphone maker BlackBerry on Monday signed a tentative deal to be acquired by a consortium led by its biggest shareholder, setting a $4.7 billion floor in the auction of the Canadian company that invented on-the-go email.

The consortium is led by Fairfax Financial Holdings Ltd, a property and casualty insurer run by Canadian investor Prem Watsa. It has offered $9 a share in cash for BlackBerry, which last week said it expected to report a quarterly loss of nearly $1 billion.

Blackberry-Logo“We can deliver immediate value to shareholders, while we continue the execution of a long-term strategy in a private company with a focus on delivering superior and secure enterprise solutions to BlackBerry customers around the world,” Watsa said in a statement.

Fairfax owns almost 10 percent of BlackBerry shares.

Source: http://www.technologyavenue.com.ng/2013/09/fairfax-sets-floor-blackberry-4-7-billion-offer/

Blackberry heading towards the dungeon.following nokia's footstep.