(Updates from 2:00 p.m. ET with closing information.)
A consortium of investors led by Blackstone Group (BX) submitted an offer of $14.25 a share for the company that would allow shareholders to receive either a cash payment at that value or continue to own their publicly traded holding. Francisco Partners and Insight Venture Management will participate in the Blackstone investor group.
BlackBerry (BBRY) shares fell 3.76% to $14.35 after Goldman Sachs downgraded the stock following a weak launch of the Z10 smartphone in the U.S. Analyst Simona Jankowski removed the Waterloo, Ontario-based technology firm from Goldman's Americas Buy List due to a disappointing launch at AT&T (T); the overall consensus had moved higher on BlackBerry since Goldman added the company to the Buy List in late November. Since the Nov. 29 add, shares are up 34%, compared with a 10% climb in the S&P 500. Jankowski downgraded the stock to "neutral," and lowered the price target to $17 from $19. "We now assign a 20% probability of success for BB10, down from 30% previously, as the disappointing launch of the Z10 at AT&T reduces our confidence that sell-through of the BB10 will be successful in the important US market," Jankowski wrote in her report.
Yahoo! (YHOO) shares rose 0.64% to $23.41 as the company announced it acquired Summly, a mobile product company designed to get information faster, easier and more concisely to users.
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