Canadian Manufacturing

BlackBerry denies it has met with Samsung over possible takeover

Waterloo, Ont.-based company said it "has not engaged in discussions with Samsung with respect to any possible offer"



TORONTO—BlackBerry Ltd. is downplaying a report that rival smartphone maker Samsung Electronics Co. Ltd. has approached the Canadian company about a possible takeover.

In a news release, the Waterloo, Ont.,-based technology firm said it “has not engaged in discussions with Samsung with respect to any possible offer.”

The comments follow a report from Reuters news agency which said Samsung has met with executives over the possibility of buying BlackBerry for as much as US$7.5 billion.

The offer would be a premium of 38 to 60 per cent over BlackBerry’s stock price before the report emerged.

BlackBerry shares jumped nearly 30 per cent after the report was released.

The company’s stock closed ahead $3.42 to C$15.02 on the Toronto Stock Exchange (TSX) on Jan. 14.

In New York, BlackBerry shares closed up US$2.89 at US$12.60.

“BlackBerry’s policy is not to comment on rumours or speculation, and accordingly it does not intend to comment further,” the company said in a release.

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