BlackBerry Co-founder Drops Buyout DealCategory: Mobile
Posted: December 26, 2013 09:21AM
One of the co-founders of BlackBerry, Mike Lazaridis, has abandoned plans put forward jointly by him and another co-founder, to acquire the failing smartphone maker. The decision was made official in a Security and Exchange Commission filing on Tuesday, and led to Lazaridis' stake in the company falling to just under 5%.
The plan was originally formulated in October by Lazaridis' and Douglas Fregin, another one of BlackBerry's co-founders. The pair combined their stakes in the company to reach a total share of 8%, before announcing their bid to secure the company. Last month however, BlackBerry appointed new management, who then began their efforts to change the company's fortunes. Despite this, BlackBerry itself lost a massive $4.4bn during the last quarter, and it remains to be seen if the changes made by the new management will have any effect on BlackBerry in 2014.