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A Blackberry smartphone is displayed in this August 12, 2010 illustrative photo taken in Hong Kong. REUTERS/Bobby Yip

BlackBerry calls off sale, will replace CEO

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(Reuters) - BlackBerry Ltd is abandoning a plan to sell itself and instead will replace its chief executive officer and raise about $1 billion from institutional investors, including its largest shareholder, the smartphone maker said on Monday.

Shares of BlackBerry dropped 16.3 percent to $6.50 in premarket trading. The company said it would raise the money with a private placement of convertible debentures.

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