BlackBerry’s stock surged over 30% to $12.78 Wednesday afternoon after a report claimed Samsung recently approached it about an acquisition deal. The climb marked the beleaguered BlackBerry’s highest point since June 2013.
Executives from Samsung and BlackBerry met privately last week to discuss the transaction, according to a Reuters report citing an unnamed source. Documents seen by Reuters indicated Samsung proposed a price range of $13.35 to $15.49 per share, which would value BlackBerry at $6 to $7.5 billion.
BlackBerry denied the Reuters report late Wednesday afternoon. “BlackBerry has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry,” the company told Business Insider, sending its stock plummeting in after-hours trading. Samsung has not made a statement on the report.
Samsung and BlackBerry late last year signed a deal to bring BlackBerry’s security features to Samsung’s Android-powered phones.
- Taylor Swift Is TIME's 2023 Person of the Year
- Meet the Nation Builders
- Why Cell Phone Reception Is Getting Worse
- Column: It's Time to Scrap the Abraham Accords
- Israeli Family Celebrates Release of Hostage Grandmother
- In a New Movie, Beyoncé Finds Freedom
- The Top 100 Photos of 2023
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time