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Veritas Capital Planning Takeover Bid For BlackBerry: Reports

According to multiple media reports, private equity firm Veritas Capital is planning to make a takeover offer for Canadian technology company BlackBerry (BB).

Veritas Capital is reportedly interested in acquiring all of the iconic Canadian technology concern.

BlackBerry announced earlier this year that it has begun a strategic review of its business.

The Waterloo, Ontario-based company has struggled since switching from making smartphones to developing software products for self-driving vehicles and other Internet of Things (IoT) applications.

In May, the company announced that it would review its portfolio of businesses as it focuses on improving value for shareholders.

New York-based Veritas acquired data energy firm Wood Mackenzie earlier this year. The company is privately held, and its stock does not trade on a public exchange.

BlackBerry’s stock rose 17%, the biggest increase in more than two years, on news of a potential takeover.

Treated as a meme stock by retail investors since the Covid-19 pandemic began in 2020, BlackBerry’s stock has declined nearly 50% over the last five years.