BlackBerry has announced it has signed a letter of intent (LOI) under which a consortium to be led by Fairfax Financial Holdings has offered to acquire the company for US$4.7 billion subject to due diligence.

　　The LOI contemplates a transaction in which BlackBerry shareholders will receive US$9 in cash for each BlackBerry share they hold. The consortium will acquire for cash all of the outstanding shares of BlackBerry not held by Fairfax. Fairfax, which owns approximately 10% of BlackBerry's common shares, intends to contribute its holdings of BlackBerry shares into the transaction.

　　The consortium will acquire BlackBerry and take the company private subject to a number of conditions, including due diligence, negotiation and execution of a definitive agreement and customary regulatory approvals.

　　The due diligence is expected to be complete by November 4, 2013. The parties' intention is to negotiate and execute a definitive transaction agreement by such date. During such period, BlackBerry is permitted to actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals, according to the smartphone vendor.