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]
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