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BlackBerry has admitted that it has formed a special committee to ‘explore strategic alternatives’, all but confirming recent stories that it is looking to take its business private.

Reports from Reuters last week suggested BlackBerry was planning on going private in order to make necessary widespread changes to its business easier.

The publicly owned mobile maker is slipping further behind in its battle to remain relevant in the increasingly competitive smartphone sector.

In a statement, BlackBerry said its Special Committee of the Board would consist of CEO Thorsten Heins and four other key executives.

"Given the importance and strength of our technology, and the evolving industry and competitive landscape, we believe that now is the right time to explore strategic alternatives,” said committee chairman Timothy Dattels.

BlackBerry also said: “There can be no assurance that this exploration process will result in any transaction.”

Indeed, principal shareholder Fairfax Financial’s Prem Watsa said in the same statement that his company has “no current intention of selling its shares”.

While BlackBerry’s performance has improved with the launch of its BB10 platform, it remains well behind Apple and Google, not to mention Microsoft’s Windows Phone offering.

Source:

The Globe and Mail

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