BBRY Stock Down as BlackBerry Founder Cuts Stake, Gives Up on Takeover

Lazardis sold $26 million in stock this week

   

BBRY stock took a hit in early trading Thursday as former CEO Mike Lazardis turned down a possible takeover deal.

Blackberry 185 BBRY Stock Down as BlackBerry Founder Cuts Stake, Gives Up on TakeoverBlackBerry (BBRY) shares are down 2% today but they have been in the decline since July with BBRY stock down 36% YTD. Lazardis — who also co-founded the company — now owns 26.3 million shares that make up 4.99% of the company after selling $26 million in stock this week.

BlackBerry raised $1 billion in convertible debt in an attempt to stabilize the struggling company with new CEO John Chen. The former Sybase CEO was hired to design a plan to turn Blackberry around into a profitable company once again.

Lazaridis and co-founder Doug Fregin hired Goldman Sachs (GS) and Centerview Partners in search for a deal. However, their agreement fell through on Dec. 24.

Fregin owns about 2.3% of outstanding shares as BlackBerry stock continues to plummet.

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Article printed from InvestorPlace Media, http://investorplace.com/2013/12/bbry-stock-blackberry-stock-bbry/.

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