BlackBerry Drops Sellout Plan; CEO Resigns

Shares in BlackBerry (NADAQ: BBRY) plummeted more than 18 percent in pre-market trading today, Nov. 4, as the wireless giant's largest shareholder, Fairfax Financial Holdings, abandoned plans to buy BlackBerry and take it private. In addition, BlackBerry CEO Thorsten Heins is stepping down. Instead of a buyout, Fairfax and an unnamed group of institutional investors will invest $1 billion through debentures that can be converted into common shares at a price of $10 a share. Story