BlackBerry co-founders mull bid for company: filing

BlackBerry co-founders mull bid for company: filing

Summary: A new SEC filing confirms interest from former chief executive Mike Lazaridis and former operations VP Doug Fregin.

TOPICS: Mobility, BlackBerry
Lazaridis speaking at BlackBerry World in 2011. (Photo courtesy BlackBerry)

Mike Lazaridis, co-founder and former chief executive of beleaguered mobile company BlackBerry, is considering a bid for his old firm, according to a recent U.S. Securities and Exchange Commission filing.

The bid includes Douglas Fregin, who co-founded the company with Lazaridis in 1984 and retired in 2007, and aligns with previous reports that Lazaridis was interested and reaching out to private equity firms for assistance.

Shares of the Waterloo, Ontario-based company (BBRY) were up almost one percent, to $8.19, in the wake of the news.

The announcement comes just three weeks after a $4.7 billion—that's $9 per share—bid by a consortium led by Fairfax Financial. It also comes mere hours after Stephen Bates, chief of BlackBerry's enterprise software and services unit, took to the stage at the Gartner Symposium/ITxpo in Orlando, Fla. to convince customers that the company was still worth believing in.

Along with co-CEO Jim Balsillie, Lazaridis stepped down from his role in January 2012. He left the company completely two months later. He and Fregin remain the company's largest individual shareholders, each with an eight percent share of the company. (Balsillie sold his stake in December 2012.) That ownership gives the pair the foundation to launch a bid to take BlackBerry private.

Previously on ZDNet:

Topics: Mobility, BlackBerry

Andrew Nusca

About Andrew Nusca

Andrew Nusca is a former writer-editor for ZDNet and contributor to CNET. During his tenure, he was the editor of SmartPlanet, ZDNet's sister site about innovation.

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  • Money?

    They better plan to use their own funds. I doubt there will be many folks lining up to loan them money for a buy out.
  • I remember when he was the poster child

    for success and foward thinking innovation, so much so that American Expres, built a whole commercial around him and BB.

    Now many years later and the question is with BB on the downward slide due to lack of innovation, if he buys the company, can he do it again?
    • Do what again

      He was the one who ran them into the ground stubbornly refusing the strategy that would have saved them if they had executed it but he killed it. What's changed, did he have an epiphany and figure out something new or is he planning a reprise of the same strategy that didn't work already. Yeah, i wont be giving him any money for that.
  • You couldn't make this up

    ROFLMAO - No Bal-silly putting any of his pay-off money in to this too.