Connect with us

Hi, what are you looking for?

Gadgets & Apps

BlackBerry denies Samsung takeover report

Canadian smartphone maker BlackBerry’s shares jumped before falling back Wednesday following a report, which the firm promptly denied, that it was in takeover talks with South Korea’s Samsung.

BlackBerry’s share price gained US$2.89 in the last hour of trading, closing on the Nasdaq up almost 30 percent at US$12.60 before falling back sharply to $10.53 in after hours trading.

The Waterloo, Ontario-based firm said it is “aware of certain press reports published today with respect to a possible offer by Samsung to purchase BlackBerry.”

“BlackBerry has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry,” it said.

A report out of New York had earlier said Samsung had approached BlackBerry with an offer last week. Samsung representatives could not be reached immediately for comment.

Analysts meanwhile continue to be bearish on BlackBerry, setting targets of US$7 to US$10 for its stock.

They expect the company to again post significant losses this year despite gradually improving sales expected from new product launches.

Tech analyst Carl Simard of Medici told AFP he was puzzled by Samsung’s purported interest in its Canadian rival, saying BlackBerry’s main feature — its security encryption — would add little value to Samsung’s consumer-oriented smartphones.

Advertisement. Scroll to continue reading.

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...