Blackberry Abandons Plan to Sell Company

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BlackBerry Ltd  is abandoning a plan to sell itself and instead will replace its chief executive officer and raise about $1 billion from institutional investors, including its largest shareholder.


Shares of BlackBerry dropped 16.3 percent to $6.50 in pre-market trading. The company said it would raise the money with a private placement of convertible debentures.

John Chen will be appointed executive chairman and will be interim CEO while the company looks for a new leader. He is the former CEO of Sybase, a database software company that SAP AG acquired in 2010.

Chen joined private equity group Silver Lake as senior adviser last year.

BlackBerry grew from a small technology start-up into a multi-billion-dollar company by pioneering on-the-go email, but it has lost much of its market share to Apple Inc's  iPhone and devices that run Google Inc's Android software.

 Do you think this is a good decision for the company, considering the fact that their handheld devices are not as strong as the iPhone, Samsung and iPhone which now have the BBM, that was the pull factor that made everyone attracted to the Blackberry handheld devices? 

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