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ERROR: type should be string, got "https://www.barrons.com/articles/bbry-citi-wells-skeptical-of-financing-competing-bids-1379970248\nTechnology Trader\nBBRY: Citi, Wells Skeptical of Financing, Competing Bids\nTiernan Ray\nSept. 23, 2013 5:04 pm ET\nFollowing this afternoon's announcement that one of BlackBerry's (BBRY) long-time institutional holders, Fairfax Financial Holdings, will lead a consortium to take the company private, at $9 per share, there was some initial skepticism about competing bids, and even about Fairfax's ability to raise financing for the $4.7 billion price tag.\nBlackBerry shares closed up 10 cents, or 1%, at $8.82, below the $9 offer price.\nAccording to report by CNBC's David Faber a short while ago, Fairfax, which has a 10% stake in BlackBerry, does not yet have the financing put together. The letter of intent submitted by Fairfax and partners, Faber said, \"includes a 'go shop' period, which would allow BlackBerry to solicit and evaluate other bids.\"\nCitigroup's Jim Suva, reiterating a Sell rating on the stock, and a $7 price target, this evening writes there is risk to Fairfax completing the necessary financing:\nWith the company's cash balance at $2.5 bln (as per their press release on Friday but unclear how much is domestic and tax impact from repatriating cash to shareholders) or $4.77/share, the transaction values the company at $2.2 bln net of cash. We do note that given the company's cash burn of $500 million in the August 2013 quarter and layoffs which will result in additional severance payments, there is risk to the cash balance. We also note that despite Fairfax's 10% ownership stake in the company, this deal requires debt financing. Details of additional members in the consortium, their potential equity stake and deals of the debt financing are not available currently. We believe obtaining financing for BBRY given the severity of its business fundamentals deterioration poses a real risk in this transaction. We believe Fairfax is hoping to spur additional bidders which we see as unlikely.\nAlso this afternoon, Wells Fargo's Maynard Um, who has a Market Perform rating on the shares, and an $8 to $9 \"valuation range,\" writes that \" We believe that another bidder may be unlikely given the recent performance of the company and any potential suitors will have to navigate through a multiyear restructuring plan (the breakup fee also raises the hurdle).\"\nFollowing this afternoon's announcement that one of BlackBerry's (BBRY) long-time institutional holders, Fairfax Financial Holdings, will lead a consortium to take the company private, at $9 per share, there was some initial skepticism about competing bids, and even about Fairfax's ability to raise financing for the $4."