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Monday, May 12, 2008 --- 74 days ago http://seekingalpha.com/article/76783-blockbuster-buyout-of-circuit-city-more-li
| Ant & Sons submits: It doesn’t matter that there is no shortage of criticism, questions about the synergies of such a transaction, and legitimate knocks on Blockbuster’s (BBI) deal to acquire Circuit City Stores Inc. (CC). However, it is completely irrelevant from a trading perspective. As BMO Capital Market analyst Richard Weinhart said Friday morning, “Despite how horrific a merger appears to us, these announcements clearly make a union more likely,” and that’s what’s important – a buyout is likely to happen now more than ever.
The announcements Weinhart is referring to are the moves Circuit City made Friday that gave the appearance it is more willing to sell out: The company announced that it retained Goldman Sachs to assist in exploring strategic alternatives to enhance shareholder value. It averted a proxy battle by deciding to select three of Wattles Capital Management’s, led by activist investor Mark Wattle who owns 6.5% of the company, director nominees and include them as nominees of the board at Circuit City’s 2008 Annual Meeting. Most importantly, it allowed Blockbuster to inspect its books.
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