BlackBerry co-founders consider making offer for sinking company

BlackBerry co-founders Mike Lazaridis and Douglas Fregin have reportedly decided to make an offer for the sinking smartphone manufacturer. The founders have a combined 8% stake in company and have confirmed filing with the Securities and Exchange Commission (SEC) for the offer.

According to the Guardian, Lazaridis, quit as the vice-chair of BlackBerry in May 2013, while Fregin retired in 2007, as the vice-president of operations and together they founded venture fund Quantum Valley Investments earlier this year. In their filing, the duo said that because of the company’s sinking shares, the board of directors has formed a special committee in exploring strategic alternatives to revive the company which includes interested investors for an acquisition.

The sinking smartphone manufacturer reported losses nearing 1billion dollars last quarter and announced a 40% job cuts globally after losing battle in the industry against rivals like Apple and Samsung. BlackBerry is currently soliciting bids after agreeing last month to a tentative 4.7billion dollar offer from its largest shareholder, Fairfax Financial, and has until 4 November to consider other proposals, the report added.