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Old 04-15-2008, 04:34 PM
Nikos Kartalis's Avatar
Join Date: Mar 2005
Location: NY - Rhodes
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Arrow Blockbuster to buy Circuit City for $1.33 billion

Blockbuster has offered to buy Circuit City Stores for as much as US$1.33 billion in a deal aimed at taking advantage of the global trend of putting media content on electronic devices, the U.S. movie rental giant said Monday.

Blockbuster has offered $6 to $8 per share in cash for Circuit City, depending on the results of a check of Circuit City's books. The per share offer presents a huge markup from Circuit City's closing stock price on Friday of $3.90, and values the company at between $990 million and $1.33 billion, based on the number of outstanding shares of stock Circuit City reported in its most recent quarterly earnings.

Merging with Circuit City would create an $18 billion global retail company and substantially improve the financial performance of the two companies, Blockbuster said.

News Source | PC World | Blockbuster Press

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Old 12-13-2010, 01:33 AM
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Pressure from some investors are derived, and in May, Circuit City opened its books to Blockbuster to see. Circuit City argued that Blockbuster did not adequately explain how to finance the operation.
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