Blackberry has agreed in principle to be bought by a consortium led by Fairfax Financial of Canada for $US4.7 billion.
Fairfax is the struggling smartphone maker's largest shareholder with about 10% of the stock. It had offered $US9 per share in cash to buy the company.
However, the BBC reports the future of Blackberry is still uncertain. Blackberry said it would continue to explore other options while negotiations with Fairfax continued.
"Diligence is expected to be complete by 4 November,'' the company said in a statement on Monday.
On Friday, Blackberry announced 4500 jobs cuts in a bid to stem losses. The company said it expected to make a loss of up to $1 billion after poor sales of new handsets.
In August, Blackberry said it was evaluating a possible sale.
