No Reason to Own Blackberry

This week has been a strange one for BlackBerry (BBRY).

First, the stock tanks after a disastrous pre-announcement last week of missing Wall Street's revenue targets by half. Then, the next trading session after the announcement, BlackBerry's largest holder -- Fairfax Financial and Prem Watsa -- announced they would buy the company for $9 a share along with a consortium of unnamed bidders. Then, the Street started to become skeptical of the deal as Prem can walk away from the deal at any time penalty-free, and was unwilling to name any other bidders. Fairfax also said it would not put any more of its own cash in the deal beyond its current stake worth $465 million. BlackBerry's price slumped to under $8 Thursday, and it then announced that it wouldn't hold an analysts call this morning "in light of the agreement" signed with Fairfax last week.  Finally, as the week has progressed, Watsa has gone on a media blitz to assure everyone that he will close on his deal and that he has tremendous interest from other parties looking at BlackBerry.

Prem Watsa is a serious investor. I don't doubt that he could close this deal at $9 a share if he wanted. I've also spoken to a couple of people who have been looking at participating in the deal, so it's clear that this kind of analysis is going on....246 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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