John Sculley: We Had The Funds To Buy BlackBerry, But We Waited Too Long



Former Apple CEO John Sculley has confirmed that he and a group of investors were lining up a bid for BlackBerry, but they waited too long and lost out. In an interview on Bloomberg Surveillance, Sculley reveals how he was surprised when the struggling smartphone maker announced a $1 billion investment deal earlier this week.

Sculley’s interest in a BlackBerry acquisition was first reported by Globe and Mail on October 24. He wouldn’t confirm his interest then, but he did admit that he was a “long-time BlackBerry fan and user.”

Now Sculley has confirmed that he got together with a group of investors to make a bid for the Canadian company, but they decided to wait to see if its price tag was reduced first. As it turns out, they waited too long and BlackBerry reached a deal with Fairfax Financial instead — one that means it won’t have to sell its business after all.

“We were pretty confident that we had the funds to be able to do the deal, but we didn’t think Prem Watsa from Fairfax was going to be able get his deal fully funded,” Sculley said. “So we decided to wait and see what happened because we thought the price might drop or there may be other bidders coming in.”

BlackBerry was initially in talks with Fairfax over a $4.7 billion buyout, but when Fairfax failed in its efforts to raise cash for the deal, it proposed a $1 billion investment deal instead — which BlackBerry agreed to.

Source: Bloomberg

  • SamDoohicky

    Why does Sculley still think he’s a player in the Tech industry? Why do old people have a hard time understanding nobody wants them around?

  • MrsCleaver

    “John Sculley: We Had The Funds To Buy BlackBerry, But We Waited Too Long”

    He sure didn’t wait too long after joined Apple. He took almost no time presiding over horrible products, squashing good ones Steve Jobs left in the pipeline and generally squandering Apple’s goodwill to that point. Sculley doesn’t matter to the tech world, and never did.

  • TheMartinDobson

    That’s ok Mr Sculley… Just wait a year and even my 7 year old niece will have the funds to buy Blackberry.

  • millk18

    Sam- Your day is coming.