Speaking to Bloomberg, former Apple CEO John Sculley revealed that he was prepared to make an offer for BlackBerry if Fairfax's $4.7 billion offer fell through, saying he was shocked to hear the smartphone-maker decided to reject all buyout offers. The Canadian company instead opted to raise $1 billion in convertible debt and remove CEO Thorsten Heins in an effort to return to profitability.

Sculley may have missed his opportunity after waiting for the Fairfax deal to fall apart in the hopes of getting a better price.

"We were pretty confident that we had the funds to be able to do the deal, but we didn't think Prem Watsa from Fairfax was going to be able get his deal fully funded," he told Bloomberg. "So we decided to wait and see what happened because we thought the price might drop or there may be other bidders coming in."

The company also reportedly considered an offer from Lenovo, but the Canadian government blocked any potential sale, citing security concerns over giving a Chinese company access to the country's telecom infrastructure. With Heins out, BlackBerry's Executive Chair John Chen will take over as interim CEO while the company searches for a new leader.