Blockbuster Withdraws Proposal To Acquire Circuit City
Welcome to TMCnet.com
TMC Launches New Web Sites: Cable |  WiMAX  |  Satellite  |  Robotics  |  IT | IVR |   ITEXPO West begins in:   Register Now!
Columnists:
...more
E-mail this page to a friend Order reprints online Print this page Bookmark this page Free magazines Free newsletters RSS-XML alerts
Digg this article!

TMCNet: Blockbuster Withdraws Proposal To Acquire Circuit City

[July 02, 2008]

Blockbuster Withdraws Proposal To Acquire Circuit City

(InvesTrend Via Acquire Media NewsEdge)
July 2, 2008 (FinancialWire) Blockbuster (NYSE: BBI) said Tuesday it is
withdrawing its proposal to buy struggling electronics retailer Circuit
City Stores (NYSE: CC) (Current Market Cap: US$420.62 Mil.).
Blockbuster chief executive James Keyes said in a written statement
that the proposed deal, at a price of $1 billion or more, didn't make
sense due to market conditions. Dallas-based Blockbuster announced in
April that it had offered at least $1 billion for Circuit City and
planned to create a 9,300-store chain.
The deal was viewed with skepticism by many investors, and pressure on
Blockbuster to walk away grew in June, when Circuit City reported that
its loss tripled and same-store sales plunged 11% in the quarter that
ended May 31.
Shares of Blockbuster rose in after hours trading 11.6% to $2.80, while
Circuit City shares fell 11.8% to $2.55 in regular trading, then
dropped another 13.7% to $2.20 after-hours.
FinancialWire is a fully independent, proprietary news wire service of
Investrend Information, a division of Investrend Communications, Inc.


It is not a press release service and receives no compensation from any
company for its news or opinions. All FinancialWire news is available
at http://www.financialwire.net . The FinancialWire NewsFeed is
available in multiple formats at
http://www.investrend.com/XmlFeeds?level=268 . Please address any
inquiries to feedback@financialwire.net .
Free annual reports for companies mentioned in the news are available
at http://investrend.ar.wilink.com/?level=279 .

(Distributed for Investrend Communications, Inc. via M2 Communications
Ltd (www.m2.com))



Copyright ? 2008 M2 Communications Ltd.

[ Back To TMCnet.com's Homepage ]

Digg this article!
Discussions:
Be the first to post a comment on this page!
 
By  
TMCnet
+ Add to the Discussion

Video: Chrysler To Offer Internet In Cars

Some drivers say Internet in cars could make roads more dangerous.

Video: The Corn Controversy: Food or Fuel

With the global food crisis showing no sign of easing, some are blaming the production of biofuels for the high costs associated with corn. (Aug.19 )

Video: High Fashion Meets Tech With Bulletproof Clothes

Fashion-conscious shoppers can now feel protected without sacrificing either safety or style, thanks a range of designer clothing with built in bulletproof protection. (Aug. 20)

Top Stories   |   Top Stories
---------------------------
---------------------------
---------------------------
---------------------------
---------------------------


Related VoIP News   |   Latest News

E-mail this page to a friend Order reprints online Print this page Bookmark this page Free magazines Free newsletters RSS-XML alerts
  2008 TMC Labs Innovation Award Winners Announced Presented By INTERNET TELEPHONY Magazine
  White Paper Library Re-Launched On TMCnet
  Introducing the 2008 IPTV Excellence Award Presented by INTERNET TELEPHONY Magazine
  TMCnet Welcomes New Columnist Peter Brockmann
  INTERNET TELEPHONY Conference & EXPO West 2008 Exhibit Hall Nearing Capacity for Fall Event
  Customer Interaction Solutions Announces 2008 IP Contact Center Technology Pioneer Award Winners
  Customer Interaction Solutions Magazine Names Brendan B. Read Senior Contributing Editor
  TMC Schedules Internet Telephony Conference & Expo West 2008
  PIKA Technologies Launches Telephony Hardware Community on TMCnet
  Announcing the 2007 Product of the Year Award Winners Presented by Communications Solutions
  Last Call for Speech Technology Excellence Award Entries
  TMC Schedules Internet Telephony Conference & Expo West 2008
  TMCnet Welcomes New Columnist Matt Bancroft
  TMC Launches WiMAXtoday.TMCnet.com
  2008 TMC Labs Innovation Award Winners Announced by Unified Communications Magazine
  TMCnet Welcomes Rick Bye as Newest Columnist
  TMC Names Best of Show Winners of INTERNET TELEPHONY Conference & EXPO East 2008
  Interactive Intelligence Receives Record Page Views on Highest Trafficked Contact Center Site on the Web


18th INTERNET TELEPHONY Conference & EXPO West
September 16-18, 2008 — Los Angeles Convention Center, Los Angeles, CA
Featuring Collocated: Call Center 2.0 Conference

5th Annual Communications Developer Conference
September 16-18, 2008 — Los Angeles Convention Center, Los Angeles, CA

19th INTERNET TELEPHONY Conference & EXPO East
February 2-4, 2009 — Miami Beach Convention Center, Miami, FL
Featuring Collocated: Call Center 2.0 Conference

TMC's Customized Keymail Alert and RSS Service Usage Instructions
 To receive daily e-mail alerts and RSS URLs of stories posted on TMCnet.com, please enter keyword terms to match and your e-mail address.  
Keyword 1:
Keyword 2:
Keyword 3:
 
E-mail Address:

Search terms are case-insensitive.

Enclose in double-quotes for exact phrase match.

No password necessary!

Latest TMCnet Headlines

Latest Company News
Subscribe FREE to all of TMC's monthly magazines. Click here now.
TMC LOGO
Technology Marketing Corporation,
One Technology Plaza, Norwalk, CT 06854 USA
Ph: 800-243-6002, 203-852-6800; Fx: 203-866-3326
General comments: tmc@tmcnet.com. Comments about this site: webmaster@tmcnet.com.
About   Contact  Advertise
Technology Marketing Corp. 1997-2008 Copyright. Privacy Policy Sitemap
Advanced