Citi, Wells Fargo doubt another BlackBerry bidder will emerge

|About: BlackBerry Ltd. (BBRY)|By:, SA News Editor

Citi's Jim Suva and Wells' Maynard Um both use the word "unlikely" to describe the odds of BlackBerry (BBRY) receiving a bid that trumps the $9/share offered by a Fairfax-led consortium.

Suva adds the consortium's need for additional financing "poses a real risk in this transaction," given BlackBerry's business challenges could put lenders on edge. He also notes the company's cash burn and pending layoff charges could hurt its balance sheet. Fairfax's offer values BlackBerry at $2.2B exc. cash.

Shares closed today at $8.82, 2% below the offer price.