Samsung has recently approached BlackBerry with an acquisition offer, reports Reuters. Citing a person familiar with the matter, the outlet says that the Korean electronics giant offered as much as $7.5 billion to buy the struggling handset-maker.

Little else is known about the deal, other than executives from the two companies met last week to discuss a potential transaction. Both sides are working with advisers, and it’s reported that Samsung is particularly interested in BlackBerry’s patents.

Samsung’s offer proposed an initial price range of $13.35 to $15.49 per share—or between 38%-60% over BlackBerry’s current trading price. Needless to say, the Canadian firm’s stock shot up 29% to $12.56 (its highest since June 2013) on the news.

Originally named Research In Motion, BlackBerry was founded in 1984 with a focus on two-way paging tech. It’s since gone from a top smartphone manufacturer, to nearly bankrupt, and it’s ongoing turnaround effort has yet to show much promise.

Update:  BlackBerry has published a statement denying the report.

Source: Reuters