A deal has been struck between Fairfax Financial and BlackBerry for the smartphone manufacturer to be bought out.
It was confirmed by BlackBerry that Fairfax, which is its largest shareholder with about ten per cent of the stock, has offered $9 (£5.61) a share in cash to buy the company.
BlackBerry announced 4,500 jobs cuts last week in a bid to stem losses and has also been hit hard by app leaks of its BlackBerry Messenger (BBM) platform in the last few days.
A statement released by the firm regarding the Fairfax offer said: "Diligence is expected to be complete by November 4th 2013. The parties' intention is to negotiate and execute a definitive transaction agreement by such date."
BlackBerry social media manager Luke Reimer wrote in a blog post for the company that the firm is working around the clock to get BBM available for iOS and Android devices.
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