BlackBerry has decided not to sell itself and is instead raising $1 billion and replacing CEO Thorsten Heins with John S. Chen, the previous CEO of Sybase.
The company, which had until Nov. 4 to agree to be acquired by Fairfax Financial Holdings for $4.7 billion, is instead seeking to raise about $1 billion by selling convertible notes to a group of investors, according to a press release from the company.
Chen served as CEO of Sybase since 1998. SAP acquired Sybase in 2010.
Reps from BlackBerry could not be reached for comment on the report.
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