BlackBerry attracts attention of counter-bidders

A number of distressed asset investors are said to be circling BlackBerry eyeing a possible counter-bid for the company, which is currently subject to a possible buy-out bid by Fairfax Financial Holdings.

BlackBerry is currently valued at just US$4.7 billion, even though it has US$2.1 billion in cash.

Cerberus Capital Management has been named as the most likely counter-bidder, and is reported to be seeking access to BlackBerry’s accounts so that it can carry out a due diligence on the company.

At least one other distressed-investing firm has also been considering a bid, the Wall Street Journal reported, citing an unnamed source.

BlackBerry co-founder Mike Lazaridis is also contemplating a bid, a person familiar with the matter said. He still owns a 5.7 per cent stake in the company.

"We do not intend to disclose further developments with the respect to the process until we approve a specific transaction or otherwise conclude the review of strategic alternatives," BlackBerry said.