Former BlackBerry co-founder drops plan of buying sinking company

Washington, Dec. 26: Former BlackBerry co-founder and co-CEO, Mike Lazaridis has reportedly decided to call off his plans to buy the sinking smartphone manufacturer through a combined bid with another co-founder.

Lazaridis made his decision public, in which he along with fellow co-founder Douglas Fregin had combined stakes to reach 8 percent total ownership and were supposed to purchase the company.

According to Cnet, after dropping the plan, Lazaridis’ stake in the sagging company is now 4.99 percent.

However, under the new CEO John Chen, the company took itself off the market as the new management is trying to turn the company around.

BlackBerry has been losing out its market share owing to tough competition from rivals like Apple and Samsung who currently rule the smartphone industry. (ANI)