Apr
14
Blockbuster Makes Public Bid to Acquire Circuit City
Posted in: UncategorizedNEW YORK (AdAge.com) — Blockbuster has said it wants to be a media company, and now it's tipping its hand as to how it wants to accomplish that — by acquiring Circuit City Stores. An offer of between $6 and $8 per share in cash was presented in a letter to Philip Schoonover, chairman-CEO of the beleaguered Circuit City chain on Feb. 17, with the unanimous approval of Blockbuster's board of directors. Blockbuster made the offer public after Circuit City failed to provide items needed for Blockbuster to complete its due diligence.
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