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 5/10 Good --- feeds.portfolio.com http://feeds.portfolio.com/portfolio/top5
| Updates throughout the day on the top stories you should be talking about. ... |
Monday, April 14, 2008 --- 102 days ago http://www.portfolio.com/news-markets/top-5/2008/04/14/Carl-Icahn-Circuit-City-I
| Blockbuster 's attempted takeover of Circuit City may have raised plenty of eyebrows, but it turns out that certain behind-the-scenes players at both companies have quite a history together. Mark Wattles, an activist investor who has been agitating for change at Circuit City since taking a 6.5 percent stake in the company earlier this year, is no stranger to being a target of Blockbuster's roving eye. Wattles founded Hollywood Entertainment, the second-largest video chain behind Blockbuster before it was sold to the smaller rival Movie Gallery in 2005. Before that deal was consummated, however, Blockbuster made its own higher bid for Hollywood Entertainment, which did not sit well with the antitrust regulators in Washington. Wattles left the chief executive post at the video chain just days after Blockbuster's takeover attempt was made public in early 2005. He later teamed up with Blockbuster, offering to buy half of the Hollywood Video stores in order to help earn a green light from regulators for the Blockbuster deal. It didn't work. Movie Gallery won its bid for Hollywood Entertainment, and the combined company is now in bankruptcy. At the time of the takeover battle for his company, Wattles had what appeared to have been civil discussions with Carl Icahn , who was a major shareholder of both Hollywood Entertainment and Blockbuster. Icahn remains a major owner of Blockbuster shares, despite his furor over its failed ... |
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