BlackBerry co-founder Mike Lazaridis cuts stake in company

BlackBerry co-founder Mike Lazaridis. REUTERS/Beck Diefenbach/Files

BlackBerry co-founder Mike Lazaridis. REUTERS/Beck Diefenbach/Files

REUTERS

, Last Updated: 6:39 PM ET

BlackBerry Ltd co-founder Mike Lazaridis cut his stake in the company to 4.99% from 8%, and said that a group, which included Lazaridis, walked away from exploring a bid for the troubled smartphone maker.

Co-founders Lazaridis and Douglas Fregin in October disclosed in a regulatory filing they were considering a bid to buy the company.

BlackBerry abandoned its plan to sell itself last month after a two-month review of strategic options and talks with potential buyers that included Facebook, Lenovo and private equity firms such as Cerberus Capital.

 


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