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August 11, 2013

Blackberry shares jump as company ‘considers shareholder buy out’

Struggling phone maker hopes to go private to reorganise business.

By Joe Curtis

Struggling phone manufacturer Blackberry saw shares jump 5% in New York as it allegedly considers going private.

Reuters has reported that the firm’s management is considering buying out shareholders to allow the company to reorganize its business without the pressure of shareholder scrutiny.

Blackberry has been losing its share of the phone market to rivals, and while its CEO said the firm is on the right track, he admitted it needs more time to resolve its current issues.

Blackberry lost £54m in the last quarter £65m in the first quarter of the year, while it predicts it will lose more in the three months to the end of September.

Analysts have been unimpressed with sales of its two new phone models, the touchscreen Z10 and the Q10.

However, the company will need to find partners to raise the billions of dollars necessary to buy out all the shareholders.

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