After announcing on Friday that it plans to cut 4,500 jobs in a bid to stem losses, struggling smartphone maker Blackberry has reportedly agreed in principle to be bought by a consortium led by Fairfax Financial for $4.7 billion.
In a statement, Blackberry announced that Fairfax, its largest shareholder with about 10% of the stock, had offered $9 a share in cash to buy the company. Blackberry added that it would continue to explore other options while negotiations with Fairfax continued.