Insiders have apparently confirmed that Samsung Electronics made an offer of $7.5 billion to purchase BlackBerry Ltd and its patents.

An insider familiar with the matter talked to Reuters on Wednesday and stated that representatives from both companies met to discuss the deal. It was also added that Samsung proposed an initial $13.35 to $15.49 price range per share, which represents a premium of 38 to 60 percent over Blackberry's trading price.

Blackberry was quick to nip the rumor in the bud though, denying the rumored acquisition.

The statement goes, "Blackberry has not engaged in discussions with Samsung with respect to any possible offer to purchase Blackberry. Blackberry's policy is not to comment on rumors or speculation, and accordingly it does not intend to comment further."

A representative from Samsung also talked to Reuters, saying, "Media reports of the acquisition are groundless."

While the rumored acquisition has already been shot down, Blackberry's decision not to talk to Samsung probably has to do with their turnaround plans.

It has been reported that Blackberry shunned the takeover attempts and offers of other companies in the past several months.

It's said that their largest investor and board of directors believed that chief executive John Chen's upcoming plans to restructure the company will deliver better results than talking about an acquisition by other companies such as Samsung.

A person familiar with the firm said to Globe and Mail, "This is not a company for sale."

Observers and analysts are under the impression, however, that the company will still be sold.

Richard Tse from Cormack Securities in Toronto said, "I'm confident that within two years there's a likely case for that."

He also added that it is obvious Samsung would make a play for Blackberry, especially with Blackberry's 44,000 patents. After the news of a deal with Samsung broke out, Tse feels that Samsung is "obviously getting closer."