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Research In Motion has turned down takeover overtures from Amazon.com and other potential buyers because the BlackBerry maker prefers to fix its problems on its own, according to people with knowledge of the situation.

Shares in the Canadian smartphone maker jumped 10 percent in after-hours trading on the Nasdaq market on Tuesday.

Amazon hired an investment bank this summer to review a potential merger with RIM, but it did not make a formal offer, said one of the sources. It is not clear whether informal discussions between Amazon and RIM ever led to specific price talk, or who else had approached RIM about a takeover.

RIM’s board wants co-chief executives Mike Lazaridis and Jim Balsillie to focus on trying to turn around the business through the launch of new phones, better use of assets such as BlackBerry Messaging and restructuring, two sources said. They did not want to be identified as the discussions are private. RIM and Amazon declined to comment.

While RIM could strike technology licensing deals and other kinds of commercial partnerships to boost revenue, an outright sale or joint venture is not on the cards for now, they said.

RIM’s market value has plunged more than 70 percent in the last 12 months to about $6.8 billion following a series of disappointing quarterly reports, delayed phone launches, weak sales of the PlayBook tablet and other missteps.

The shares tumbled last week on weaker-than-expected quarterly results and the announcement of a delay in the launch of the new BlackBerry 10 phones.

Activist shareholder Jaguar Financial has called for a sale of RIM as a whole or in separate parts, such as the handset business, the network services operation, or the patent portfolio.

But RIM’s management has told interested parties that they do not want to sell or break up the company at this juncture, the sources said.

After last week’s news, the board instructed the co-CEOs to set aside any options for a sale, one person briefed on the situation said.

“Selling the company or an economic joint venture is probably not in the cards right now,” said the source. “Until you stabilize the platform, people are going to be very nervous about spending $10 billion or more.”

Some potential corporate and private equity suitors are holding out for RIM’s valuation to fall further, people familiar with the matter said. Amazon and RIM are still discussing ways to expand their commercial ties, which currently include a service launched last year to make Amazon’s music catalog available to some BlackBerry users, according to the sources.

Amazon launched the Kindle Fire tablet in November, which, along with the content the company can package with it, is seen as a potentially formidable contender to Apple’s iPad and iTunes store. Amazon does not make smartphones.

As for RIM, it feels it could better leverage its assets, such as the BBM instant messaging and the network operation centers that allow for messages to be processed, the sources said. RIM could also look at licensing out its QNX operating system after the late 2012 launch of BlackBerry 10, which will be the first smartphones using that software, to give handset makers an alternative to Google’s Android operating system.

RIM’s co-CEOs have spent months listening to ideas from investment bankers, strategic parties and private equity firms.

These discussions are now viewed as distracting for management, sources briefed on the situation said. One of them said the board has backed both Lazaridis and Balsillie but is of the view that RIM needs to develop a “deeper bench” of executives.

Spurred by RIM’s share drop and Google’s $12.5 billion bid for Motorola Mobility Holdings in August, Wall Street bankers have tried to pitch RIM to other mobile phone makers, including Samsung Electronics and HTC in recent months. Microsoft also looked at RIM at the same time, said one of the sources. Microsoft declined to comment.

But HTC and Samsung already have licensing agreements with Google’s Android and did not see the value in tying up with BlackBerry, people familiar with the companies said. Samsung and HTC declined to comment.

Reuters