Digital Trends
Video rental giant Blockbuster has officially withdrawn its offer to acquire struggling electronics retailer Circuit City.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 Blockbuster CEO Jim Keyes, in a statement.
“The proposal from Highfields Capital Management LP represents a 19.5-percent premium over Circuit City’s closing share price of $14.23 on Monday on the New York Stock Exchange.
Its announcement sent Circuit City shares soaring 19.5 percent to $17 on the Inet electronic brokerage system before the bell. “
Source: ExtremeTech
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