BlackBerry Confirms It's Looking for a Buyer

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By Todd Wasserman2013-08-12 13:05:18 UTC

Struggling BlackBerry temporarily halted trading in its shares on Monday and announced the company had formed a special committee to explore various options for the company including joint ventures or sale of the company.

In a statement, BlackBerry warned that "there can be no assurance that this process will result in any transaction." Prem Watsa, chairman and CEO of Fairfax Financial, also said he will resign from his post because of "potential conflicts that may arise during the process." Fairfax Financial is the largest BlackBerry shareholder.

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Reuters reported hearing from "several sources" last week that BlackBerry may be interested in going private. The news sent the stock up more than 5% on Friday.

The announcement comes after the launch of the BlackBerry 10 earlier this year. The company reported that it sold 1 million units of the device in the quarter ending March 2.

BlackBerry's market capitalization is about $5.6 billion.

Image: Mario Tama/Getty Images

Topics: BlackBerry, Business, Mobile