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On again off again is on

For a while, the dark satanic rumour mill has manufactured hell on earth yarns claiming that Samsung is set to buy the Canadian smartphone maker Blackberry.

The deal always seems to fall through, and in any event has never happened.

However the Financial Post  has found evidence that this time Samsung is actively pursuing a plan to take over or buy a significant stake in BlackBerry.

The story is still a rumour because both companies have denied such a plan may be in the works, but a document obtained by the Financial Post, prepared for Samsung by New York-based independent investment bank Evercore Partners, outlines the case for, and the potential structure of a possible purchase of BlackBerry.

The paper is a little elderly and was written in the last quarter of 2014, but a source familiar with the matter said that Samsung remains very interested in acquiring all or part of BlackBerry for the right price.

J.K. Shin, Samsung’s co-chief executive, told The Wall Street Journal that his company is in talks to use some of BlackBerry’s technology in the South Korean company’s devices, but is not interested in an acquisition. “We want to work with BlackBerry and develop this partnership, not acquire the company.”

But it appears that Samsung was caught off guard by a Reuters leak earlier this week. It had hoped it could move in quickly on BlackBerry, and the company’s share price would stay low. When the news went up and the share price rose its bid looked a little weak.

BlackBerry appears to have learned of the price Samsung was hoping to pay through the Reuters leak, before the company could make a formal offer. This is the sort of thing Samsung wanted to avoid.

In five years, BlackBerry thought the return on their turnaround strategy as implemented by John Chen was going to do better than the cash they will be receiving today.

Still, the source maintains that Samsung is still keen on making a deal happen. The talk earlier this week about Samsung extending its cooperation with BlackBerry, which was notably lacking in specifics, is “just setting it up,” the source said. “Samsung hasn’t walked away” from an acquisition. “They’re leaning towards it.”