Blackberry has been the centre of attention for quite a while now. Whisperers, online technicians and conspiracy theorists have had a busy schedule this past few weeks spicing up the news from Blackberry headquarters. One such interesting story was seen a few days back this week,Aug 16th to be exact, when according to rumors, Thorsten Heins, the chief executive officer at Blackberry is looking for a way out and after the immense speculation regarding the future of the company regarding it being private or public, might be inclined to sign the company off to someone for a whopping $55.6 Million. The statement sounds intriguing as the underlying immorality is obvious but one might begin to ponder over other choices that seem to extinguish as the once mighty must-get Blackberry Empire is crumbling and things don’t seem to get brighter at the moment.
Since the arrival of hefty competition from Android and iOS supported smart phones and the newly launched windows operating system smartphones, Blackberry has seen the worst of times. “Bottom of the barrel” might be a true analogous statement describing things down at Blackberry. Blackberry was once an empire that looked down towards other small scaled telecom companies and took pride in its user friendly interface and its phones used to sell like hot cakes. It’s worth has also gone down dramatically from around $85billion to around $5 billion in the past few years so one can’t blame if this sort of offer comes up on ones table. There’s no drowning for a captain in a sinking ship as far as today’s economics in concerned.
The CEO of the Waterloo-based smartphone pioneer stands to make $55.6 million if he sells BlackBerry and is fired, according to a recent proxy filing. The figure includes salary, equity awards, and incentive payments, and is based on the company’s stock price at the end of its fourth fiscal quarter.
Analysts were surprised to see a number so high, given the short term of Heins’ reign at the helm of BlackBerry and the company’s current state of affairs.
In related news, Toronto investor Prem Watsa, who is Blackberry’s largest shareholder, is stepping down from the board. This suggests Watsa may intend to help rescue the company in some fashion. But to be sold, BlackBerry needs a buyer, and according to failed efforts from both JPMorgan and RBC, there isn’t a lot of interest.
BlackBerry currently boasts a cash pile of nearly $3 billion and a treasure trove of valuable technology patents; however, it’s the company’s struggling smartphone division that is turning off potential bidders, sources say.
Source: TechVibes
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