Watsa’s Fairfax Becomes RIM’s Biggest Shareholder |
| Bloomberg - Jul 23, 2012 |
Research In Motion Ltd. (RIMM) shareholder Fairfax Financial Holdings Ltd. (FFH) almost doubled its stake in the BlackBerry maker, making it RIM’s biggest investor and offering a vote of confidence to the ailing Canadian company.
Fairfax, an insurer run by Toronto-based investor Prem Watsa, owns 51.9 million RIM shares, according to a regulatory filing today. It held 26.8 million shares as of April 1, according to data compiled by Bloomberg. The company raised its stake to 9.9 percent, worth about $351 million.
RIM shares have tumbled 95 percent from their 2008 peak as falling sales of BlackBerry smartphones erode RIM’s market share in an industry it once dominated. A recovery at RIM, which has lost consumers to Apple Inc. (AAPL)’s iPhone and devices built on Google Inc. (GOOG)’s Android software, may take three to five years and the BlackBerry maker’s stock is undervalued, Watsa said in April. He joined RIM’s board in January as part of a management overhaul that included the replacement of co-founders and co- CEOs Jim Balsillie and Mike Lazaridis with German-born CEO Thorsten Heins.
Read Full Article from Bloomberg
- Posted: 2012-07-23 12:18:26
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