Co-founder officially drops bid for BlackBerry

Mike Lazaridis abandons his plans to buy the ailing smartphone maker via a joint bid with a fellow co-founder.

Mike Lazaridis James Martin/CNET

Mike Lazaridis, a BlackBerry co-founder and former co-CEO, has officially ditched his plans to acquire the company through a joint bid with a fellow co-founder.

In dissolving the plan, Lazaridis' stake in the sagging company is now 4.99 percent.

Lazaridis made his decision public in a Securities and Exchange Commission filing on Tuesday. Under the now-defunct plan, which was announced in October, Lazaridis and fellow co-founder Douglas Fregin had combined stakes to reach 8 percent total ownership and said they were considering a purchase of the company. Last month, however, BlackBerry took itself off the market, and new management is trying to turn the company around .

This year has been an especially hard one for BlackBerry. After lagging further and further behind the competition, the company placed its last-ditch hopes on two new smartphones , both of which failed to save the company. BlackBerry lost $4.4 billion in the most recent quarter.

(Via The Wall Street Journal)

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