BlackBerry co-founders are no longer trying to buy the company back
25th Dec 2013 | 21:51
Mike Lazaridis has officially scrapped his plan
Earlier this year BlackBerry co-founders Mike Lazaridis and Doug Fregin were reportedly considering a plan to buy the company back, but now that bid is over.
Lazaridis has announced his decision publicly in a filing with the Securities and Exchange Commission.
He reduced his and Fregin's combined stake in BlackBerry from 8 percent to just under 5 percent, and announced the duo won't pursue their previous plan.
BlackBerry initially went up for sale in August, but in November the company took itself off the market after failing to find a buyer.
Picking up the pieces
Lazaridis initially threw in the towel in 2012, stepping down from the top of the pyramid along with co-CEO Jim Balsillie.
In buying the company out, Lazaridis and Fregin no doubt hoped to save BlackBerry from the downward spiral it's been on for a number of years. As The Wall Street Journal notes, the pair founded the company in 1984 in a Canadian strip mall with a loan from Lazaridis's parents.
Most recently the company announced a $4.4 billion (about £2.68b, AU$4.9b) quarterly loss, but executives pledged things will soon improve.