Reuters: Technology News: BlackBerry could pay $250 million break fee in event of better offer - filing

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BlackBerry could pay $250 million break fee in event of better offer - filing Nov 7th 2013, 22:24 Tweet Share this Email Print Reprints A man walks by a Blackberry sign at the Blackberry campus in Waterloo, September 23, 2013. Credit: Reuters/Mark Blinch TORONTO | Thu Nov 7, 2013 5:24pm EST TORONTO (Reuters) - BlackBerry Ltd will pay up to $250 million to a group of debtors including Prem Watsa's Fairfax Financial Holdings if another deal succeeds, according to a regulatory filing on Thursday detailing the debt deal. The filing also showed that incoming interim chief executive and executive chairman John Chen will receive a base salary of $1 million. Chen will also receive 13 million restricted stock units, with half of them vesting only after five years with the company. BlackBerry on Monday abandoned plans to sell itself and instead opted to raise $1 billion by selling convertible notes to a group of investors. The company had said Fairfax, its largest shareholder, was buying $250 million of the offering. In the filing, BlackBerry said Canso Investment Counsel Ltd is buying $300 million, while Mackenzie Financial, Markel Corp, Qatar Holding, and Brookfield Asset Management, are buying the remainder. (Reporting by Alastair Sharp, Allison Martell and Euan Rocha; Editing by David Gregorio) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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