Shares of BlackBerry (NYSE: BB) were on an upswing in pre-market trading on Tuesday as the Canadian technology company announced that it is going to initiate a strategic review of its portfolio of businesses that would drive up shareholder value. The company is also willing to consider the alternative of the “possible separation of one or more of BlackBerry’s businesses.”
The company added, “The Board has not set a timetable for completing the process and does not intend to disclose developments relating to it unless, and until, the Board has approved a specific agreement or transaction or has terminated its review. There can be no assurance that the process will result in any transaction.”
BlackBerry also clarified that it will continue with the sale of substantially all of its non-core patents and patent applications to Malikie Innovations Limited for around $900 million, a newly formed subsidiary of Key Patent Innovations Limited as announced earlier.
Analysts remain sidelined about BB stock with a Hold consensus rating based on four unanimous Holds.