Struggling BlackBerry (BBRY) unveiled a $4.7 billion preliminary buyout deal on Monday afternoon to be acquired by a consortium led by billionaire Prem Watsa's Fairfax Financial, subject to due diligence.

The proposed transaction values BlackBerry at $9 a share and gives the buying group six weeks to conduct due diligence. During that window, BlackBerry will have time to shop around for alternative bids, subject to a termination fee.

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