TECH

Blackberry-Samsung Deal Denied Causing Stock To Plummet

15/01/2015 14:42 GMT | Updated 15/01/2015 15:59 GMT

Blackberry and Samsung have both denied reports that they are about to become one company.

The tech media was filled with speculation on Wednesday that Samsung was preparing a takeover bid for the ailing Canadian smartphone maker (and enterprise software stalwart).

The theorised/rumoured/leaked buyout would have seen Samsung pay $7.5 billion for Blackberry, formerly known as Research In Motion.

The 'news' saw Blackberry's stock rise by 30% late in the trading day, reaching $12.63 when the Nasdaq closed.

blackberry

But now both Samsung and Blackberry say no deal is on the cards.

"Media reports of the acquisition are groundless," a Samsung spokeswoman has been quoted as saying.

For Blackberry's part it said:

'“BlackBerry has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry."

In response Blackberry's stock has plummeted down to $10.30. And that would seem to be that. For now.