BlackBerry Shares Drop After Denying Talks of $7.5 Billion Samsung AcquisitionThe rumored buyout is said to be a bid for BlackBerry's valuable trove of patents.
ByGeoff Weiss•
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Where there's smoke, there's usually fire -- but for now, BlackBerry and Samsung are looking to extinguish reports of a potential acquisition.
In response tospeculationyesterday that Samsung had approached BlackBerry about a $7.5 billion buyout -- mostly seeking access to its valuable trove of patents -- both companies have issued stringent denials.
Yesterday, BlackBerry released a statement claiming that it "has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry."
Related:Hungry for Patents, Samsung Approaches BlackBerry About a Buyout
A Samsung spokeswoman told狗万官方that "media reports of the acquisition are groundless."
Sources close to BlackBerry said that the Waterloo, Ontario-based company would instead focus on new product rollout for the next several years, according to Canadian newspaperThe Globe and Mail.
While the speculation initially caused BlackBerry's stock to soar as much as 30 percent yesterday afternoon, shares subsequentlydropped17 percent in early trading this morning on the heels of both companies' refutations.
Related:BlackBerry Is Gearing Up to Enter the Sizzling Smartwatch Scene
