Blockbuster Withdraws Proposal to Acquire Circuit City: related news

Blockbuster Withdraws Proposal to Acquire Circuit City

Dallas-based Blockbuster Inc. announced Tuesday the withdrawal of its proposal to acquire Richmond, Va.-based Circuit City Stores Inc. Jim Keyes, Bockbuster chairman and CEO, said the company decided not to proceed with the acquisition "based on market conditions and the completion of our initial due process." He also said the proposition was not in the best interest of Blockbuster's shareholders. In response to the withdrawal, Philip Schnoonover, chairman, president and CEO of Circuit City, has said that "The board's review was not dependent on Blockbuster's participation." Circuit City is still exploring strategic alternatives, but will not disclose more information until the board approves a course of action.

Blockbuster Withdraws Proposal to Acquire Circuit City

announced today that it has decided to withdraw its proposal to acquire Circuit City. "Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster's shareholders to proceed with an acquisition of Circuit City," said Jim Keyes, Blockbuster Chairman and CEO. "We continue to believe in the strategic merits of a consumer retail proposition that would bring media content and electronic devices together under one brand. We will pursue this strategy through our Blockbuster stores as a way to diversify the business and better serve the entertainment retail segment." About Blockbuster Blockbuster Inc.

Blockbuster Looks At Circuit City's Books; Ditches Acquisition Offer

We were one of a very small number of people who actually saw some logic behind Blockbuster bidding for Circuit City -- though, it seemed unlikely that Blockbuster viewed the purchase in the same way we did. Most people assumed (probably correctly) that Blockbuster didn't really have much of a plan at all, other than to merge the two struggling companies and have an even bigger mess on their hands. Blockbuster has now withdrawn the offer to buy Circuit City, gamely claiming that it has to do with "market conditions" and a better understanding of just how awful Circuit City's books appear to be. That's press release talk. What's more likely is that Blockbuster realized that everyone was right: it would screw up the merger and make a bad situation worse.

Circuit City Stores (CC) NewsBite - Circuit City Tumbles after BBI Drops Bid

Circuit City Stores Inc. (CC) opened at 2.22. So far today, the stock has hit a low of 2.10 and a high of 2.27. CC is now trading at 2.18, down 0.37 (-16.67%). The stock hit its 52 week high of 15.33 in July and set its 52 week low of 2.10 today. CC has been moving downwards for the past year. Circuit City Stores shares have been taking a hit after Blockbuster Inc. (BBI) withdrew its bid for the company, citing "market conditions." In April, Blockbuster had offered to buy Circuit City for at least $6 a share, or more than $1 billion. Technical indicators for the stock are bearish and steady while S&P gives CC a neutral 3 STARS (out of 5) hold rating. We will just watch this one for now. There are no trades that we like for CC. [RHF - Seven Summits Strategic Investments NewsBite]

Blockbuster Withdraws Proposal to Acquire Circuit City

PRNewswire-FirstCall/ -- Blockbuster Inc. (NYSE: BBI, BBI.B) announced today that it has decided to withdraw its proposal to acquire Circuit City.

Blockbuster withdraws bid for Circuit City

bb pulls out of cc purchase 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.

US: Blockbuster Drops Bid For Circuit City

Blockbuster Inc has dropped its $1.35bn bid for Circuit City Stores, saying the move was prompted by a closer look at the electronic retailer’s books. Blockbuster Chairman and CEO Jim Keyes noted, “Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster's shareholders to proceed with an acquisition of Circuit City”. The news sent shares of Circuit City plummeting 14% in trading after the close of US markets.

Blockbuster Drops Bid for Circuit City, Making Future For Both Unsure

We were excited for the merger talks between Blockbuster Video and Circuit City, as that union could create a probable entertainment behemoth, and we don't mean like Paula Abdul. Sadly word is coming down that Blockbuster is pulling its offer for Circuit off the table. Apparently it was ultimately decided that the match wasn't a good fit for Blockbuster's shareholders, so the plans have been scrapped. What could have been an awesome two-front retailer now means Blockbuster has to find new ways to catch up with Netflix, and Circuit City has to keep its head above water without any help. Bets on what happens next? [Forbes]

Blockbuster withdraws proposal to acquire Circuit City because of market conditions

DALLAS: Blockbuster Inc. said Tuesday it is withdrawing its proposal to buy Circuit City Stores Inc., the big-box retailer whose sales have tumbled this year.

Blockbuster withdraws plan to acquire Circuit City

Blockbuster Inc. is withdrawing its proposal to acquire Circuit City Stores Inc. Chief Executive James Keyes said in a statement Tuesday that based on market conditions and the completion of its due diligence process, the company decided it wasn't in the best... .

Blockbuster backs out of Circuit City offer

Video retailer Blockbuster tonight said it has withdrawn its offer to buy Circuit City. The company provides few details as to the reason for its sudden exit but says that a combination of "market conditions" and the process of due diligence, or examining the health of Circuit City as a business, have led it to believe that a takeover of the electronics chain is not in its best interests. Blockbuster still argues that the idea of unifying media and electronics under one name but that it will have to do so through its own stores rather than Circuit City's locations.

Blockbuster Withdraws Plan to Acquire Circuit City

Blockbuster Inc. said Tuesday it is withdrawing its proposal to buy Circuit City Stores Inc., the big-box electronics retailer whose sales have tumbled this year.

Blockbuster withdraws plan to acquire Circuit City

Blockbuster Inc. said Tuesday it is withdrawing its proposal to buy Circuit City Stores Inc., the big-box electronics retailer whose sales have tumbled this year.

Blockbuster withdraws plan to acquire Circuit City

NEW YORK (Associated Press) - Blockbuster Inc. said Tuesday it is withdrawing its proposal to buy Circuit City Stores Inc., the big-box electronics retailer whose sales have tumbled this year.

Circuit City pummelled after Blockbuster's retreat

Circuit City Stores Inc. plummeted to historic lows yesterday after Blockbuster Inc. withdrew its takeover bid, causing investors to question the consumer electronics retailer's future. Shares of the Richmond, Va.-based company fell 40 cents, or 15.7 per cent, to $2.17 (U.S.) in trading on the New York Stock Exchange yesterday, after earlier hitting a more than 17-year-low of $2.10. The company, which has lost 86 per cent of its stock value from its 52-week high of $15.33, says it will continue to review strategic alternatives. Blockbuster pulled its bid to buy Circuit City on Tuesday night, citing market conditions. The Dallas-based movie-rental chain had proposed a more than $1-billion deal in April to create a 9,300-store chain to sell electronics and rent movies and games.

Blockbuster abandons Circuit City deal

Blockbuster on Tuesday abandoned its offer to buy electronics retailer Circuit City Stores, after weeks of investor speculation that the deal was falling apart, reports Reuters. Shares of the video rental chain jumped more than 7% in extended trade after the news. Circuit City’s shares fell 1.6%, after declining nearly 12% at Tuesday’s close. Blockbuster’s chief executive Jim Keyes cited “market conditions� as a reason for withdrawing its offer, valued at up to $1.3bn, and said the deal was not in the best interests of its shareholders.

Blockbuster Inc. withdraws $1 bln Circuit City bid

Blockbuster Inc., America's No. 1 movie-rental chain, said Tuesday it is withdrawing its proposal to buy Circuit City Stores Inc., the big-box electronics retailer whose sales have tumbled this year.

Blockbuster withdraws plan to buy Circuit City

DALLAS - Blockbuster Inc. said Tuesday it is withdrawing its proposal to buy Circuit City Stores Inc., the big-box retailer whose sales have tumbled this year.

Blockbuster Inc. withdraws $1 bln Circuit City bid

BEIJING, July 2 (Xinhuanet) -- Blockbuster Inc., America's No. 1 movie-rental chain, said Tuesday it is withdrawing its proposal to buy Circuit City Stores Inc., the big-box electronics retailer whose sales have tumbled this year.

Blockbuster Inc. withdraws $1 bln Circuit City bid

BEIJING, July 2 (Xinhuanet) -- Blockbuster Inc., America's No. 1 movie-rental chain, said Tuesday it is withdrawing its proposal to buy Circuit City Stores Inc., the big-box electronics retailer whose sales have tumbled this year.

Circuit City Demands All Copies of Mad Magazine with Ad Parody Destroyed

In this month's Mad Magazine, there's an ad parody for Circuit City (Sucker City! Oh, Mad Magazine you rascal!) that takes aim at the electronics retailer. Always across the street from a Best Buy! Expensive TVs! The price always goes down right after you bought it! Wah wahhhh! I wasn't even aware that Circuit City sold Mad Magazine, but apparently they do, and they sure are pissed. In fact, they're ordering every store to destroy every copy of the offending issue. Hit the jump for the full ad parody and Circuit City's internal response.

US: Blockbuster May Try For Circuit City Again - But Not Right Now

Blockbuster Inc may make another attempt to acquire Circuit City Stores in the future, according to a report in the New York Post, which cited insiders. The paper said one source said Blockbuster "verified the long-term benefits of a deal", adding that a there was a "real opportunity" to cut costs in combining the operations of the two chains. The source added, "Management didn't really put its case in front of shareholders yet".

Blockbuster withdraws offer for Circuit City

Blockbuster has pulled its offer to buy Circuit City after finally getting the chance to look at the retailer's books.

Blockbuster withdraws $1bn Circuit City bid

Blockbuster Inc. yesterday backed away from its $1bn bid for consumer electronics retailer Circuit City citing gloomy “market conditions�.

Blockbuster Withdraws Bid for Circuit City

Blockbuster Inc. (BBI) has withdrawn its $1 billion-plus offer to buy Circuit City Stores Inc. (CC), saying the deal isn't in the best interests of shareholders because of market conditions.

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