Blockbuster Withdraws Proposal To Acquire Circuit City
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[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.

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