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Samsung and BlackBerry deny takeover rumours

Yesterday, we reported that Samsung was in talks to buy BlackBerry, but now both companies have denied the rumour. Reuters, who broke the story, stands by it, however.

BlackBerry’s statement reads: “BlackBerry 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. BlackBerry’s policy is not to comment on rumours or speculation, and accordingly it does not intend to comment further.”

Samsung also dismissed the report as “groundless”.

After the initial story broke, Blackberry’s share price jumped 29 per cent. After it issued its denial, it fell by more than 15 per cent.

Reuters insists executives from both companies – along with advisers – met last week to discuss a possible deal. A person familiar with the matter told the news agency that Samsung was offering up to 60 per cent more per share than the current trading price. This would value the company at $6 billion. Taking into account BlackBerry’s debt, Samsung would have to pay $7.5 billion to take it over.

Read more: BlackBerry Passport vs iPhone 6

BlackBerry has been in turmoil of late, with iOS and Android taking its crown as king of mobile email. It’s suffered a number of outages and delayed launches, and its recent handsets like the Passport and the Classic have failed to turn the company around.

Samsung is also under attack from a new wave of budget manufacturers like Xiaomi. It has vowed to focus on mid-range smartphones in the near future.

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