The stock is trading below Fairfax's tentative offer on fears that the deal won't go through or that the final price will be lower. Shares of the company rose 9 cents, or 1.1 percent, to $8.20 Thursday.
The BlackBerry, pioneered in 1999, was once the dominant smartphone for on-the-go business people and other consumers. President Barack Obama couldn't bear to part with his BlackBerry. Oprah Winfrey declared it one of her "favorite things." It could be so addictive that it was nicknamed "the CrackBerry." But then came a new generation of competing smartphones, starting with Apple's iPhone in 2007. The BlackBerry suddenly looked ancient. The company's sales slumped, it lost billions in market value and it recently announced layoffs of 4,500 workers, or 40 percent of its global workforce.
As the Waterloo, Onatrio, company's troubles grew, Lazaridis stepped down as co-CEO in January 2012. He remained on the board until earlier this year. Lazaridis recruited Fairfax head Prem Watsa to join the company's board when he stepped aside as chief executive.
It remains to be seen whether Lazaridis joins Watsa's bid or bids on his own, said BGC analyst Colin Gillis. The stock didn't rise much because it was widely expected that Lazaridis might make a bid, he added.
Gillis said that it must hurt Lazaridis to see reports that BlackBerry might be broken up and sold in pieces.
"It's his baby. If anyone is going to see value in the company it's him," Gillis said, "He founded this company. I'm sure it's not pleasant to watch the spot it is in and he sees value in it. It must hurt to see reports that this thing is going to get ripped up and fed to the vultures."
A spokesman for Lazaridis said he would not comment beyond the filing.
Lazaridis owns about 5.7 percent of BlackBerry. Fregin helped Lazaridis found the company formerly known as Research In Motion and served as vice president of operations before he left.
"The Special Committee, with the assistance of the Company's independent financial and legal advisors, is conducting a robust and thorough review of strategic alternatives. We do not intend to disclose further developments with respect to the process until we approve a specific transaction or otherwise conclude the review of strategic alternatives," BlackBerry spokeswoman Lisette Kwong said in an emailed statement. She declined to comment on the filling by Lazaridis and Fregin.
Although BlackBerry was once Canada's most valuable company with a market value of $83 billion in June 2008, the stock has plummeted to less than $9 from over $140 a share. That gives it a market value of about $4.2 billion.