Fairfax Financial Holdings has offered to buy BlackBerry for $4.7 Billion, which amounts to $9 a share.

Fairfax, already a major shareholder of BlackBerry with a 10 percent stake, will be conducting due diligence until Nov. 4, during which time BlackBerry is permitted to "actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals."

Prem Watsa, Chairman and CEO of Fairfax, said: "We believe this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employees. 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, a renowned value investor with billions in assets, stepped down from the Board Of Directors of BlackBerry last month to avoid conflict of interest.

On Sept. 20, BlackBerry said it would lay off 4,500 workers and expected to report a non-cash loss between $930 million to $960 million on Sept. 27, mainly due to unsold smartphones.

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