Struggling Canadian smartphone maker BlackBerry has denied rumours it has been made an acquisition offer by South Korean consumer electronics giant Samsung for US$7.5bn.
BlackBerry shares surged 30pc in trading last night after reports emerged that the company was the target of an acquisition by Samsung.
However, shares fell subsequently by 15pc after BlackBerry dismissed the rumour.
“BlackBerry is aware of certain press reports published today with respect to a possible offer by Samsung to purchase BlackBerry.
“BlackBerry has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry.
“BlackBerry’s policy is not to comment on rumours or speculation, and accordingly it does not intend to comment further.”
Failing to make jam from the smartphone revolution
BlackBerry, originally known as Research in Motion (RIM), was one of the first companies to ignite the smartphone revolution with iconic communications devices that began to surface in the late Nineties and the company had its heyday before Apple introduced the iPhone in 2007.
At first the company dismissed the threat of the iPhone but then began to fight back with unsuccessful, unloved products, such as the BlackBerry Storm.
For dismissing the threat of the iPhone, BlackBerry, along with Nokia and Microsoft, paid a heavy price.
In 2013, the company attempted to make its stamp once again with the Z10 and Q10 smartphones but was unsuccessful. By November of that year, John S Chen replaced CEO Thorsten Heins.
In the intervening period, the company has staved off attempts to have it split up and last month the company introduced the BlackBerry Classic to win back previously loyal users who prefer keyboards.
BlackBerry image via Shutterstock