BlackBerry Ltd (BBRY) Decides To Cancel Earnings Call
BlackBerry Ltd (NASDAQ:BBRY) is supposed to release their second quarter financial results tomorrow, but they have no plans to talk about it in the form of an earnings call. Last week, BlackBerry announced that they are expecting to lose almost $1 billion for the fiscal second quarter. BlackBerry agreed to go private for $4.7 billion as part of a deal led by Fairfax Financial, which was announced three days ago.
“In light of the letter of intent agreement between BlackBerry and Fairfax Financial Holdings Limited that was signed and announced on Monday, September 23, BlackBerry has cancelled its second quarter earnings conference call and webcast that had previously been scheduled for Friday, September 27 at 8:00 a.m.,” said BlackBerry Ltd (NASDAQ:BBRY) in a statement. BlackBerry will release more details about their Q2 financial performance next week during the Management’s Discussion and Analysis financial filings. Shareholders will get $9 per share in cash, which is a premium of the company’s stock over the $8.23 that the stock was trading at when the buyout proposal was made.
Under the proposed buyout deal, shareholders would receive $9 a share in cash, a slight premium over the $8.23 at which the stock was trading when the buyout proposal was announced. The month high for the stock was at about $11.57 on September 9th. T-Mobile recently announced that they would no longer stock BlackBerry phones at their retail locations.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry