NEW YORK (TheStreet) -- BlackBerry's (BBRY) board refused to allow the smartphone maker to be broken up and sold for parts, Reuters reports. The resistance came despite interest from the industry's top players, including Microsoft (MSFT), Apple (AAPL), Intel (INTC), Cisco (CSCO) and Qualcomm (QCOM).
The directors of the Waterloo, Ontario-based tech company reportedly rebuffed advances, deciding that a breakup was not in the best interests of shareholders, employees, customers and suppliers.
On Wednesday, former Apple chief John Sculley told Bloomberg he and a group of investors were also interested in bidding on BlackBerry before the company revoked its offer for sale.
Earlier in the week, a $4.7 billion takeover deal with Fairfax Financial Holdings unraveled, leading BlackBerry to abstain from further sales talks with additional interested parties. The smartphone maker now plans to raise $1 billion in convertible debt and will reveal a new turnaround plan under the leadership of interim CEO John Chen.
On the announcement to withdraw from sales talks, Chairperson Barbara Stymiest said in a statement that the company had "pursued the course of action that it concluded is in the best interests of BlackBerry and its constituents".
"This financing provides an immediate cash injection on terms favorable to BlackBerry, enhancing our substantial cash position," she said on the offer of convertible debentures.
In post-market trading Friday, BlackBerry shares gained 0.46% to $6.59, adding to a 0.85% increase during the day.
TheStreet Ratings team rates BlackBerry Ltd as a Sell with a ratings score of D. The team has this to say about its recommendation: