by Muyiwa Matuluko

Last week, we reported Samsung’s alleged plans to acquire BlackBerry in a deal worth $7.5 billion. Apparently, this was good news – following the news, BlackBerry’s stock rose by as much as 30% to close at $12.60, their highest level since 2012.

Stocks however came crashing back to 18% when BlackBerry responded with an official statement denying the claims – BlackBerry was not in acquisition talks with Samsung, it said, and everyone moved on with their lives.

Well, it turns out this proverbial smoke was not without fire. The Financial Post reports that despite statements denying the rumours, the two companies are indeed in private takeover talks, according to a “reliable source”:

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.

As it turns out, Samsung was planning to make an official offer, the price of which BlackBerry not privy to until the news was leaked by the Reuters. This caught Samsung off guard and due to its informal nature, BlackBerry was forced to deny the claims officially.

The source, who pleaded anonymity, insists that “Samsung is still evaluating their options. So it’s still very much an open deal. Samsung hasn’t walked away” from an acquisition. “They’re leaning towards it.”

Should the acquisition go through, Samsung will get access to BlackBerry’s portfolio of enterprise product and services patents.