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Circuit City is demanding that Blockbuster prove it can finance an all-cash offer before proceeding with takeover negotiations. According to today's Wall Street Journal ($$), the big question is how Blockbuster will do that.
Blockbuster Makes Hostile Takeover Bid
Submitted by Pualani on Tue, 2008/04/15 - 21:08.
Blockbuster, facing challenging times because of Netflix and other competition, has offered slightly more than $1 billion in a hostile takeover bid for Circuit City Stores, Inc. The news met with skepticism from not only Circuit City, which is resisting opening its books, but also from analysts.
James Keyes, CEO, who joined Blockbuster last summer, says he has the support of one of his board members, Carl Icahn.
Read more in this morning’s Honolulu Advertiser.
See the Carl Icahn interview that aired on March 9 on 60 Minutes, which gives an overview of what happens to companies when he starts buying their stock.
Circuit City Wants Blockbuster To Show Them The Money
Submitted by Craig Hsueh on Mon, 2008/04/21 - 06:56.
Blockbuster Buys Circuit City
Submitted by Craig Hsueh on Sun, 2008/04/20 - 15:43.
One struggling video rental chain buys out an even more struggling electronics chain. It makes perfect sense given today's business environment.
