Shares of BlackBerry were up nearly 5 percent in early trading Monday on new of a possible buyout. 

According to a report from the U.K.'s Sunday Times former BlackBerry director Prem Watsa has managed to pull together billions of dollars in backing from Canada Pension Plan Investment Board to take the company private.

Watsa, whose company Fairfax Financial holds a 10 percent stake in BlacKBerry, resigned in August from Blackberry's board, saying there was a chance of conflict of interests. 

BlackBerry released a statement at the beginning of August that said it was looking at options, which could include joint ventures, strategic partnerships or alliances, a sale of the company or other possible transactions.

The company has formed a special committee of the Board to discuss its options. The committee is comprised of Barbara Stymiest, Thorsten Heins, Richard Lynch and Bert Nordberg, and will be chaired by Timothy Dattels.

Shares had settled some by 9:07 CST, up just under 3 percent to $11.58.