PING ON! BLACKBERRY SAVED FROM DEATH!

"We believe this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employees," said Fairfax CEO Prem Watsa. "We can deliver immediate value to shareholders, while we continue the execution of a long-term strategy in a private company with a focus on delivering superior and secure enterprise solutions to BlackBerry customers around the world."

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BlackBerry announced late Monday that it has signed a letter of intent with Fairfax Financial Holdings Limited that could lead to the firm being acquired. The letter of intent isn't a binding contract, but it has set BlackBerry on a path that may end with the company taken private by a consortium of equity investors led by Fairfax. Fairfax and its partners have offered $4.7 billion for the ailing smartphone maker.

Fairfax already holds about 10% of BlackBerry's stock. Under the terms of the agreement, Fairfax and its partners will pay $9 per share in cash to acquire all the outstanding shares that it does not already own. The consortium has six weeks to perform due diligence, during which time BlackBerry has the right to shop for a better deal. BlackBerry and Fairfax said the due diligence process should be complete by Nov. 4. They expect to close the deal by then, as long as BlackBerry doesn't receive a better deal.