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Samsung, BlackBerry deny buyout rumour

BlackBerry CEO John Chen
BlackBerry CEO John Chen

Samsung Electronics and BlackBerry have both denied a report that they met to discuss a proposed $7.5 billion buyout by the South Korean powerhouse.

The Reuters news service reported on Wednesday that Samsung had offered to buy BlackBerry for between $13.35 and $15.49 per share. Its story cited documents and an unnamed source. The report sent BlackBerry’s stock up dramatically late in the trading day. Its shares on the Nasdaq (BBRY) ended at $12.60, up by nearly 30 percent.

“Media reports of the acquisition are groundless,” wrote a Samsung spokeswoman on Thursday.

“BlackBerry has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry,” the company in Waterloo, Ontario, said in a statement late Wednesday.

Though BlackBerry is far from the mobile player it once was, it still has respected security technology, patents, automotive and industrial software from its QNX division, and a loyal following among users in enterprises and some developing markets.

Samsung makes more smartphones than any other company in the world but recently has seen its sales and profits decline.

 

Originally published on IDG News Service (San Francisco Bureau). Click here to read the original story. Reprinted with permission from IDG.net. Story copyright 2017 International Data Group. All rights reserved.
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