BlackBerry cancels earnings call after getting buyout offer. Struggling handset maker still plan to reveal its second-quarter financial results but doesn't want to talk about them in light of offering to take the company private. BlackBerry plans to release financial results Friday but does not want to discuss them.
The handset maker is expected to lose nearly $1 billion in the fiscal second quarter. BlackBerry revealed Monday that it had entered into a deal with a consortium led by Fairfax Financial Holdings that valued the company at $4.7 billion. The company said "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." BlackBerry said it would release more detail about the second-quarter financial performance next week. Blackberry has declined and failed to keep up with Apple's iPhone and Google's Androids smartphones. For shareholders, they would receive $9 a share in cash, which is a little over the $8.23 at which the stock was trading when the buyout occurred. Well saying all of this, it looks like Blackberry will have another company buying it out soon, so don't be surprised if you see changes.