Samsung Electronics is circling beleaguered BlackBerry, which invented the smartphone and then got shoved aside by the likes of Samsung, Apple and more recently a host of Chinese manufacturers. The Waterloo, Ontario-based company's stock surged 30 percent Wednesday after Reuters reported that Seoul-based conglomerate Samsung was considering buying the company for $7.5 billion.

Samsung is said to be interested in the popular mobile phone company’s portfolio of patents, and reportedly proposed paying $13.35 to $15.19 per share. BlackBerry was at $9.66 per share before the news broke.

Executives from both companies met last week to discuss the transaction, according to a person familiar with the matter and documents that Reuters saw. The source refused to identify himself due to the private nature of the conversations.

Blackberry denied that any discussions of an acquisition took place. "BlackBerry has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry," the company said in a statement.

In November, BlackBerry announced a high-profile security partnership with Samsung. The partnership will join its security platform with Samsung’s security software for its Galaxy tablets and smartphones.