BlackBerry said it has signed a letter of intent with a group led by Fairfax Financial Holdings, the smartphone maker's largest shareholder, to be taken over.
The deal is worth $9 a share to BlackBerry shareholders, valuing the company at around $4.7 billion (£2.9 billion).
The struggling firm said in a short statement that the consortium has six weeks to "conduct due diligence," during which BlackBerry can shop for other offers.
BlackBerry shares climbed 3.2% to $9.00 shortly after trading restarted.
More top news
Amber Rudd feels the heat and a summer visit for Donald Trump raises fears of unrest.
Experts called on the Government to immediately tighten up fire regulations without waiting for the conclusion of the Grenfell inquiry.
Tottenham Hotspur is one of the first clubs to declare its commitment to phasing out single-use plastics at its new stadium.