Co-founder officially drops bid for BlackBerry


Mike Lazaridis

Mike Lazaridis, a BlackBerry co-founder and former co-CEO, has formally ditched his plans to obtain the company via a joint bid with a fellow co-founder.

In dissolving the plan, Lazaridis’ stake in the sagging company is now 4.99 p.c.

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Lazaridis made his decision public in a Securities and change commission submitting on Tuesday. Below the now-defunct plan, which was announced in October, Lazaridis and fellow co-founder Douglas Frewin had combined stakes to reach eight % complete possession and mentioned they have been taking into account a purchase order of the company. Last month, then again, BlackBerry took itself off the market, and new management is attempting to turn the company around.

These 12 months has been an especially arduous one for BlackBerry. After lagging further and further behind the competition, the corporate positioned its final-ditch hopes on two new smartphones, each of which failed to shop the company. BlackBerry lost $four.four billion in essentially the most contemporary quarter.