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Blackberry reportedly sold in a bid of $4.7billion

RIM, struggling maker of smartphone, Blackberry has finally given up. They have agreed in principal to be acquired by a consortium led by its biggest shareholder.

The soon to be acquired smartphone maker will be moving its ownership to Fairfax Financial, a Canadian Insurance company. The deal is said to be worth $4.7 billion at $9 per share.

Continue after the cut below...

According to reports......
The announcement came the same day that Apple, to whom BlackBerry was losing out competing for market share, reported selling a record 9 million of its new 5S and 5C model phones on the first weekend they were on sale -- sending Apple stock up 5 percent.

Last week, BlackBerry said it was laying off 40 percent of its work force and expected to post a second-quarter loss of almost $1 billion. It had been looking at "strategic alternatives" for several weeks, including selling itself, or going private.

"This is a company that needs to go private if they have any chance," Colin Gillis, an analyst at BGC Partners, told Reuters. "They'd be able to restructure outside of the public eye, take a long term view, and run the company at break even."

"We can deliver immediate value to shareholders, while we continue the execution of a long-term strategy in a private company with a focus on delivering superior and secure enterprise solutions to BlackBerry customers around the world," Watsa said in a statement.

BlackBerry pioneered the concept of on-your-hip email with its first email pagers, offering secure email away from an office, and for years it was the must-have device for governments, businesses and lawyers.

But in recent years it has lost market share to the iPhone from Apple Inc and to devices using Google Inc's Android operating system. Last Friday it said it will slash 4,500 jobs, or about 40 percent of its work force, and expects to post a nearly $1 billion second-quarter loss.

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