BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) apparently doesn’t want to waste any time. David Benoit and Will Connors of The Wall Street Journal report that the company is attempting to fast-track the auction process so that a deal can be completed by November.
BlackBerry talks to interested parties
The struggling Canadian company said last month that it was looking for strategic alternatives, including the possibility of putting itself up for sale. It formed a special exploratory committee, and now The Wall Street Journal cites sources who say BlackBerry has already held preliminary talks with parties that are interested in part or even all of the company.
According to those sources, BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) has narrowed down its list of possible bidders and could even begin the sales process very soon. Of course this does not mean that a serious bid will result or that the company will be able to finalize a deal in such a short time frame or even ever, for that matter. However, the sources said the company’s board wants to see a quick resolution.
Sales process could deter potential BlackBerry customers
Some analysts have said that customers who may have been considering buying a BlackBerry device may now decide not to do so. Enterprise customers especially may be less willing to buy from a company that might not be around to provide future technical support for its devices.
Kris Thompson of National Bank said the longer BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) takes to review its options, the worse its outlook will end up being. This may be precisely why the company’s board wants to speed up the process.
Who’s interested in BlackBerry?
The WSJ reports that it’s unclear which companies BlackBerry held preliminary talks with. However, there has been speculation that private-equity firms may be interested. Some tech companies in Asia may also be interested in buying at least part of the company. The sources did say that any final deal will likely include multiple buyers, with each one taking over part of the company.
Prem Watsa, CEO of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB)’s largest shareholder and one of the company’s biggest fans, resigned from the board when the announcement that it was looking for alternatives was made. He cited possible conflicts of interest, which has resulted in speculation that he may be the one to step in and save BlackBerry.