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Ms. Wyatt introduced BlackBerry’s chief, John S. Chen, who winkingly apologized for how his deal makers had driven Good’s final sale price down to $425 million,
by brown9-2 11y ago
Ms. Wyatt introduced BlackBerry’s chief, John S. Chen, who winkingly apologized for how his deal makers had driven Good’s final sale price down to $425 million, less than half of the company’s $1.1 billion private valuation.
I've never been a CEO or acquired a company but I think there probably aren't too many worse things you could say to the employees of a company that you've just acquired.
- atonse 11y agoYou should see how awkwardly he debuted one of the latest phones, and you'll understand. Might just be social awkwardness. (Still sucks, but feels microscopically less malicious).
- pinewurst 11y agoAlso can you imagine being an employee at that meeting? Not only are your share values decimated (literally), you're now working for walking dead BlackBerry assuming you're not soon laid-off.
- djloche 11y agoThe "deal makers" didn't drive down the value of the company. Good did it themselves. They were hemorrhaging money. They did not have the stronger position at the negotiation table.
- gamble 11y agoA company I was working for was acquired and the first thing the new management said in the initial meeting was that they had no interest in owning us. They were only acquiring the company because another office had government contracts they wanted. Also, our equity was worthless now. But don't worry, because no one is getting fired! (Instead everyone resigned within a few months)