BlackBerry Ltd (BBRY) Potential Buyer SAP Bows Out

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BlackBerry Ltd (BBRY) Potential Buyer SAP Bows Out
<a href="https://pixabay.com/users/jieyirain/">jieyirain</a> / Pixabay

SAP AG (NYSE:SAP), a German Business software giant, revealed that it is not interested in BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB), according to a report TheTimesofIndia. Werner Brandt, chief financial officer of the company said that SAP will not bid for the beleaguered Canadian smartphone maker.

BlackBerry Ltd (BBRY) Potential Buyer SAP Bows Out

“BlackBerry doesn’t fit with our strategy,” Werner Brandt told Euro am Sonntag (a German magazine) in an interview, adding that SAP already offers mobile solutions, and did not need to fill any gaps there.

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Not interested

BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) has been struggling after facing fierce competition from rivals Apple and Google Android devices in the smartphone segment.

SAP AG (NYSE:SAP) has denied any interest in BlackBerry just three weeks after it first expressed one. SAP is withdrawing from the potential BlackBerry buyer’s list, and it may be possible that the decision taken might have to do something with the departure of Bandt from SAP. Bandt will be replaced by Luka Mucic in July next year. This expression of disinterest reflects the new strategy of SAP, in which BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) does not fit.

Werner Bandt said that Mucic is an internationally experienced financial expert and leader, with the highest reputation and trust throughout the company. He said that he is very excited about Mucic’s appointment as the CFO and added that Mucic holds deep experience as he has worked in SAP and is familiar with all segments of the company.

“Over the next nine months, we will ensure a seamless transition of responsibility for the Finance department,” Brandt told.

BlackBerry’s potential bidders

Apart from SAP, a number of tech biggies including companies like Cisco Systems and Google were reportedly holding talks with the Canadian smartphone maker to acquire full or part ownership of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB). A Fairfax Financial led consortium has offered $9 per share bid. Apart from these bidders, co-founder John Sculley and Asian computer manufacturer Lenovo are also reportedly in talks with the company.

The Fairfax offer has a validity period up to November 4, which is about to end, but there is no signal of the company successfully arranging for the funds to acquire BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB).  FairFax offered a bid but was apparently never serious enough to conclude the deal. There are possibilities that Fairfax might have done this to control the fall of share price, and at the same time induce other potential bidders to offer their bid.

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