Monday morning brings news of more changes at BlackBerry.
CEO Thorston Heins has been removed by the Board of Directors. John Chen has been named interim CEO.
The Globe and Mail is reporting that the board has decided not to accept the $4.7-billion takeover offer from Fairfax Financial, which is BlackBerry's largest single shareholder.
The report says the Blackberry board has opted instead to try to sell convertible notes to a group of investors in a bid to raise a billion dollars of new capital.
Fairfax had until 5:00pm Monday afternoon to formalize its offer but there were reports that right up until last night, Fairfax could not secure enough financing.
This still leaves another potential offer, friendly or otherwise, from a group including BlackBerry co-founders Mike Lazaridis and Doug Fregin along with Qualcomm in the US and the private equity firm Cerberus Capital Management.
(Photo: CTV News)