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Blockbuster tries to buy Circuit City

Apr 14 2008, 2:08am CDT | by

Blockbuster tries to buy Circuit City
 
 

Blockbuster announces that they offered to buy electronics retail chain Circuit City.

Update 05/09/08:
Circuit City now open for new strategic options

Blockbuster Inc. has offered to acquire Circuit City Stores, Inc. for at least $6.00 per share in cash, subject to due diligence. The offer was made on February 17th.
Circuit City has apparently failed to provide due diligence necessary to allow Blockbuster to make a definitive proposal. Blockbuster is making its proposal public because it believes the shareholders of Circuit City should have the opportunity to participate in determining the destiny of the company.
Blockbuster noted the combination of the two companies would result in an $18 billion global retail enterprise uniquely positioned to capitalize on the growing convergence of media content and electronic devices. The transaction would allow both companies to benefit from the revenue growth generated by their complementary products, while the resulting synergies would substantially improve consolidated financial performance, thereby increasing shareholder value.

It is quite an interesting thought that the movie rental company would be extending to also sell electronics. At some point in the next 5-10 years there will be no need for Blockbuster stores as movies will be downloaded and not rented via a disk. It seems to me that Blockbuster tries to stay a brick and mortar business also in a digital movie rental future.

More details in this Blockbuster press-release.

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr (Google) is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.

 

 

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