BlackBerry closes in on sale: report

BlackBerry Ltd’s U.S. shares rose 3 percent on Monday after a report that a Canadian investor was closing in on a rescue deal for the battered smartphone maker that put itself up for sale last month.

The company’s shares rose to $11.17 in premarket trading after closing at $10.84 on the regular Nasdaq session after a report in Britain’s Sunday Times newspaper that Canadian investor Prem Watsa has backing from pension funds for a bid.

BlackBerry representatives were not immediately available for a comment.

Watsa’s company, Fairfax Financial Holdings, is BlackBerry’s biggest shareholder with 10 percent, and is seen as key to any decision about a sale of the Canadian company.

Watsa stepped down from BlackBerry’s board in August citing a potential conflict of interest with the company’s announcement that it was exploring strategic alternatives.

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BlackBerry closes in on sale: report