Circuit City now open to be acquired

May 9 2008, 8:30am CDT | by Luigi Lugmayr

Circuit City Stores, Inc. announced today that it has retained Goldman Sachs & Co. to assist the company in exploring strategic alternatives to enhance shareholder value. As reported Blockbuster has openly indicated to be interested in buying Circuit City back in Mid-April.

Circuit City noted that at this time the board of directors has not determined to pursue any particular alternative and that it does not intend to disclose developments with respect to the exploration of strategic alternatives unless and until the board has approved a course of action.
Circuit City also confirmed that it received a letter from Blockbuster Inc. responding to Circuit City's request for information concerning Blockbuster's ability to successfully finance its proposal to acquire Circuit City and ability to secure the necessary shareholder approval. The Blockbuster response attached a letter from Carl Icahn, the largest shareholder and a director of Blockbuster. The letter from Mr. Icahn states that, subject to him being satisfied with his due diligence review of Circuit City to be conducted concurrently with Blockbuster, Mr. Icahn and/or entities affiliated with him stand ready to purchase Circuit City if Blockbuster were unable to receive financing or required shareholder approval to do so after satisfactory due diligence, and assuming that required regulatory approvals are obtained.

So possibly we will soon see another electronics chain disappear or change its owner.
Via the Circuit City site.

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Luigi Lugmayr
Luigi 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. Luigi posts regularly on LuigiMe.com about his experience running I4U.