CEO of Fairfax Financial Holdings LTD Prem Watsa deals with BlackBerry for 4.7 B$

Well as before Nokia was undertaken by Microsoft and now this is time for Blackberry to step off.

Many people were in  shock that Blackberry is on sale for 4.7 B$.The person who offered the deal is Mr. Prem Watsa CEO of Fairfax Financial Holdings LTD.

Mr. Prem Watsa's Profile:

Toronto-based Fairfax is a financial holding firm engaged  in property, casualty & life insurance and re-insurance,  investment management and insurance claims management.

Watsa, born in 1950 in Hyderabad, India, and trained as a chemical engineer, has a public profile that has at times bordered on the reclusive since he took over Fairfax in 1985.

For his first 15 years at the company, he barely spoke to a reporter, and he only started holding investor conference calls in 2001.

Fairfax has generally not been known as an activist investor, but Watsa has not shied away from a fight, launching a $6 billion lawsuit against a group of hedge funds in 2006, accusing them of conspiring to the drive the company's shares down so they could be shorted.

A short position enables an investor to profit when a stock drops.

Coming to the point Prem Watsa offer to buy BlackBerry Ltd. for $4.7-billion (U.S.) sets out a potential rescue plan for a company that is losing the fight for smartphone customers.

The $9-a-share bid, announced Thursday, puts at least a temporary halt to the deluge of bad news surrounding the Waterloo, Ont.-based company. Late Friday, BlackBerry issued a grim set of financial results, saying it lost nearly $1-billion in the second quarter, is writing off a large inventory of unsold phones and will cut 4,500 jobs.

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