Blockbuster withdraws bid for Circuit City
Surprise surprise.. Blockbuster Inc. announced that they were abandoning their bid to acquire Circuit City citing that a deal was “not in the movie rental company’s best interest amid current market conditions.” Umm.. wait a second.. even if the market conditions were better, did this deal ever really make much sense? Apparently Soleil Securities analyst Scott Tilghman thought the same - “We didn’t believe that such a debt-laden marriage made sense and questioned the potential synergies that Blockbuster believed might have existed.” Circuit City shares fell 15 percent to $2.17 a share after the news broke while Blockbuster shares rose 13.9 percent to $2.86 a share.
[Check it out via Reuters]
Written by flung. Read more great feeds at is source WEBSITE
More Gadgets articles
News and blockbuster and circuit cityBookmark this article
- [+] Digg: Feature this article
- [+] Del.icio.us: Bookmark this article
- [+] Furl: Bookmark this article
Related articles
- Asus Eee Box comes to India
(October 15th, 2008) - Microsoft sues DHL for damaged Xbox 360s
(October 15th, 2008) - Apple announces new Macbooks, LED Display
(October 15th, 2008) - HTC Touch HD release date is November 6th in Europe
(October 15th, 2008) - PS3 and PSP firmware updates available for download
(October 15th, 2008)
