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BlackBerry founders looking to buy company

Mike Lazaridis (pictured) and Doug Fregin, who founded BlackBerry in 1999, are considering buying the 92 percent of the shares they do not currently own.

Reuters

Mike Lazaridis (pictured) and Doug Fregin, who founded BlackBerry in 1999, are considering buying the 92 percent of the shares they do not currently own.

TORONTO — BlackBerry founders Mike Lazaridis and Douglas Fregin are weighing taking over the struggling smartphone company as it searches for a buyer.

Lazaridis said Thursday in a filing with the Securities and Exchange Commission that he and Fregin are looking to potentially acquire the 92 percent of the shares they do not currently own, either by themselves or with other interested parties. They have hired Goldman Sachs and Centerview Partners to help them explore options.

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The filing said Lazaridis and Fregin own 8 percent of BlackBerry.

Their announcement is the latest sign of investor interest in BlackBerry after the company launched a review to consider a possible sale or breakup of its operations. The Canadian company said last month that Fairfax Financial Holdings Ltd., which owns close to 10 percent of the company, signed a letter of intent that contemplates buying BlackBerry for $9 a share, or $4.7 billion. Fairfax, BlackBerry’s largest shareholder, is trying to attract other investors. Private equity firm Cerberus is also interested in looking at Blackberry’s books as a step toward a possible bid.

The stock is trading below Fairfax’s tentative offer on fears that the deal will not go through or that the final price will be lower. Shares of the company rose 9 cents, or 1.1 percent, to $8.20 Thursday.

The BlackBerry, pioneered in 1999, was once the dominant smartphone for on-the-go business people and other consumers.

President Obama could not bear to part with his BlackBerry. Oprah Winfrey declared it one of her favorite things. It could be so addictive that it was nicknamed ‘‘the CrackBerry.’’ But then came a new generation of competing smartphones, starting with Apple’s iPhone in 2007. The BlackBerry suddenly looked ancient. The company’s sales slumped, it lost billions in market value, and it recently announced layoffs of 4,500 workers, or 40 percent of its global workforce.

As the Waterloo, Onatrio, company’s troubles grew, Lazaridis stepped down as co-CEO in January 2012. He remained on the board until earlier this year. Lazaridis then recruited Fairfax head Prem Watsa to join the company’s board.

It remains to be seen whether Lazaridis joins Watsa’s bid or bids on his own, said BGC analyst Colin Gillis. The stock did not rise much because it was widely expected that Lazaridis might make a bid, he added.

Gillis said that it must hurt Lazaridis to see reports that BlackBerry might be broken up and sold in pieces.

‘‘It’s his baby,” Gillis said. “If anyone is going to see value in the company it’s him. He founded this company. I’m sure it’s not pleasant to watch the spot it is in, and he sees value in it. It must hurt to see reports that this thing is going to get fed to the vultures.’’

Lazaridis owns about 5.7 percent of BlackBerry. Fregin helped Lazaridis found the company formerly known as Research In Motion and served as vice president of operations before he left.

In an e-mailed statement, BlackBerry spokeswoman Lisette Kwong said: ‘‘The special committee, with the assistance of the company’s independent financial and legal advisers, is conducting a robust and thorough review of strategic alternatives. We do not intend to disclose further developments with respect to the process until we approve a specific transaction or otherwise conclude the review of strategic alternatives.’’ She declined to comment on the filling by Lazaridis and Fregin.

Although BlackBerry was once Canada’s most valuable company, with a market value of $83 billion in June 2008, the stock has plummeted to less than $9 from over $140 a share. That gives it a market value of about $4.2 billion.

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