BlackBerry (BBRY) Seeks to Calm Investors and Customers

NEW YORK (TheStreet) -- BlackBerry (BBRY) is seeking to reassure investors and customers in an open letter to be published by 30 media organizations worldwide on Tuesday. The one-page open letter advertisement will appear in both print and online publications, including Washington Post, The Wall Street Journal and The Globe and Mail.

"We have one important message for you: You can continue to count on BlackBerry," BlackBerry writes, highlighting its cash assets, lack of debt and commitment to cut costs by 50% as reasons for its secure future.

BlackBerry's outreach follows a tumultuous period for the smartphone maker as news of bids and breakups continue to shake up its share price.

BlackBerry is currently evaluating offers to purchase the company whole or piecemeal. On Friday, reports that founder and former co-CEO Mike Lazaridis was considering a potential takeover bid surfaced, an offer which would compete with a $4.7 billion bid a Fairfax Financial Holdings-led consortium proposed in September.

Though BlackBerry has signed a letter of intent with Fairfax, pending six weeks' due diligence whereby it can solicit alternative offers, many have expressed doubts over the deal since it relies on additional cash from non-Fairfax investors.

Private equity group Cerebus Capital Management is determining whether it will offer a bid after seeking a confidentiality agreement to evaluate all BlackBerry's financial information.

BlackBerry shares closed 0.87% higher to $8.14, leading the S&P 500 which is up 0.41%.

TheStreet Ratings team rates BlackBerry Ltd as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

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