BlackBerry calls off sale, will replace CEO

BlackBerry Ltd is abandoning a plan to sell itself and instead will replace its chief executive officer and raise about USD 1 billion from institutional investors, including its largest shareholder, the smartphone maker said on Monday.

Also Read: New BlackBerry boss John Chen out to prove skeptics wrong

Shares of BlackBerry dropped 19 percent to USD 6.33 in premarket trading. The company will raise the money with a private placement of convertible debentures.

BlackBerry's largest shareholder, Fairfax Financial Holdings Ltd , will take up USD 250 million of the debentures.

Fairfax announced a tentative USD 9-a-share offer for the Waterloo, Ontario-based company in late September. But Reuters said on Friday that Fairfax was struggling to finance the USD 4.7 billion bid.

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