BlackBerry Ltd (NASDAQ:BBRY) turnaround story continues to gain momentum much to the excitement of investors, but CEO, John Chen remains unsure as to whether the company will be able to regain its lost iconic status. During an interview on Bloomberg, Chen thwarted suggestions that he has received takeover bids from companies wishing to acquire the hardware and software company.
Chen took over at BlackBerry Ltd (NASDAQ:BBRY) when it was at a blink of collapse at the back of mounting pressure in terms of competition as well as high debt levels. A series of turnaround strategies, as well as restructuring, has since seen the company make some gains both on the hardware and software side of the business.
“I am comfortable with where the company is today with how we manage our technology, our businesses the margin, the distribution channel all the new products that is coming out. […] I think there is enough runway here for us and we scale our expenses to a level that allows us to stay back invest and make money so am comfortable with generating more value,” said Mr. Chen.
Chen reiterated it might be too early to consider selling the company as the recovery plan continues to take shape with focus now shifting to growing shareholder value. The CEO believes in his own ability to create value instead of having to offload the company.
There have been speculations that BlackBerry Ltd (NASDAQ:BBRY) might be considered as a possible takeover stock by a number of companies with Chen vehemently denying having received any offers, reiterating they were mere talk without any solid offers.
Chen reiterated it is highly unlikely that BlackBerry Ltd (NASDAQ:BBRY) will ever be sold to a Chinese company due to regulatory issues and the soar relationship between the U.S. and China.
“We have one of our biggest installed bases in the government and so goes to five other countries where governments share intelligence and stuff and the G7. I think there would be a lot of regulatory issues and concerns,” said Mr. Chen.
Free Report: Warren Buffett and 12 Billionaires Are Crazy About These 7 Stocks
Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW for all the details.