BlackBerry Denies Samsung Is Trying To Buy It, And Now The Stock Is Tanking

BlackBerry denies that Samsung is trying to buy it, following an earlier report from Reuters that said Samsung was willing to pay as much as $US7.5 billion for the company.

The Reuters report sent BlackBerry shares skyrocketing almost 30% at the end of trading Wednesday.

BlackBerry shares began correcting themselves following the announcement. They were down about 15% in after-hours trading.

Here’s the statement from BlackBerry:

BlackBerry Limited is aware of certain press reports published today with respect to a possible offer by Samsung to purchase BlackBerry. BlackBerry has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry. BlackBerry’s policy is not to comment on rumours or speculation, and accordingly it does not intend to comment further.

The statement from BlackBerry leaves very little wiggle room. It sounds like the Reuters report was completely wrong.

The Reuters report said Samsung wanted to buy BlackBerry for its patent portfolio. But the price seemed suspect. BlackBerry’s patents were last valued at $US2 to $US3 billion. The alleged $US7.5 billion figure would have been quite the premium.

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