BlackBerry denies Samsung buyout bid

The Blackberry sign is pictured in Waterloo June 19, 2014. (REUTERS/Mark Blinch)

BlackBerry has officially denied it’s been involved in talks with Samsung over a possible takeover deal. The Korean firm, too, has said no such discussions took place.

Reuters reported on Wednesday that Samsung was looking to put down as much as $7.5 billion for BlackBerry, but toward the end of the day the once mighty mobile maker issued an official statement denying that any negotiations had occurred between the two companies.

The Canadian firm said in the statement that while it was aware of reports regarding a possible offer by Samsung for BlackBerry, it had “not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry.”

Several hours later, Samsung backed up BlackBerry’s statement, saying simply, “Media reports of the acquisition are groundless.”

Reuters’ report was based on information from “a person familiar with the matter,” as well as documents seen by reporters. A meeting between the two companies was said to have taken place last week.

BlackBerry’s share value skyrocketed by nearly 30 percent in the wake of the report, but began heading back toward its earlier price after the company issued its denial.

Interestingly, it’s not only Reuters that’s suggested BlackBerry is garnering attention from potential buyers. Canada’s Globe and Mail newspaper on Wednesday said the Waterloo, Ontario company has “shunned a handful of takeover overtures in recent months.” However, in contrast to Reuters’ report, the Globe and Mail’s sources said there were no plans to sell the company.

BlackBerry CEO John Chen has been busy streamlining the company and refocusing its efforts since taking the reins in late 2013. The strategy appears to have rejuvenated the company, though Chen will be the first to admit that there’s still much work to be done to get the company firmly back on track.