TECH
15/01/2015 09:42 GMT | Updated 15/01/2015 10:59 GMT

Blackberry-Samsung Deal Denied Causing Stock To Plummet

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.