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Source: news.google.com --- 1 day ago
Circuit City Gives Up the Fight BusinessWeek - May 10, 2008 by Pallavi Gogoi Circuit City is finally throwing in the towel. Confronted with weak sales, impatient shareholders, and a US consumer pummeled by recession, the electronics chain capitulated on May 9 and retained Goldman Sachs to help negotiate a deal. Circuit City softens to Blockbuster takeover idea Houston Chronicle Circuit City allows Blockbuster, Icahn to review books The Associated Press MarketWatch - Forbes - Bizjournals.com all 611 news articles ... Source: online.wsj.com --- 15 hours ago
Circuit City is allowing Blockbuster and shareholder Carl Icahn to review its books, a sign the struggling electronics retailer is effectively putting itself up for sale. Shares rallied. (Icahn, Keyes letters) ... Source: www.engadget.com --- 15 hours ago
Filed under: Misc. Gadgets , Gaming Oddly enough, the far-fetched proposal is apt to be accepted. Circuit City has reportedly solicited the services of Goldman Sachs to help "negotiate a deal," which will essentially put the troubled electronics retailer in the hands of someone else. As it stands, Blockbuster looks to be the most interested in picking up the pieces, with billionaire Carl Icahn (Blockbuster's largest shareholder) agreeing to finance the get-together. Of course, it looks as if Blockbuster may be the only outfit interested. Not like that's any surprise , however, as Best Buy itself is having to look to Europe to boost revenues with US consumer spending off from where it once was. The real question here is whether a Circuit City-Blockbuster combo would be the perfect concoction to turn things around for both flagging firms, or will we find that two sinking ships actually do go down faster when anchored to one another? Read | Permalink | Email this | Comments ... Source: www.marketwatch.com --- 16 hours ago
After months of investor pressure, a hostile takeover bid, and weak results, it looks like Circuit City Stores Inc.'s days are numbered. The beleaguered consumer-electronics retailer said it would allow hostile suitor Blockbuster Inc. -- and its biggest shareholder Carl Icahn -- to take a look at its books. ... Source: www.marketwatch.com --- 17 hours ago
Circuit City Stores hires Goldman Sachs & Co. to help it explore strategic alternatives, adding that it will allow video-rental chain Blockbuster Inc. and its largest shareholder, Carl Icahn, to conduct due diligence. ... Source: arstechnica.com --- 1 day ago
With a promise of financial backing, Blockbuster convinces Circuit City to share its operational secrets. It looks like the deal is coming, for better or for worse. Read More... ...
Source: www.dailytech.com --- 1 hour ago
Circuit City sees the writing on the wall, allows review by Blockbuster... ... Source: www.moreover.com --- 22 hours ago
Red Orbit May 11 2008 2:33PM GMT ... Source: www.variety.com --- 12 hours ago
Home Ent News: Goldman Sachs to explore $1 billion offer -- Circuit City is opening its books to Blockbuster after several months of playing hard to get. ... Source: www.siliconvalley.com --- 8 hours ago
Looks like the failure to find a reliable power supply has finally fried Circuit City. The board of the battered big-box electronics retailer, under siege from both inside and out, decided to stop struggling and let Goldman Sachs help sort out its strategic options, which at the moment seem to... ... Source: www.freemarketnews.com --- 1 day ago
Circuit City has hired Goldman Sachs to help it with a likely merger with Blockbuster. ... Source: business.techwhack.com --- 11 hours ago
Carl Icahn interested in acquiring Circuit City US based retailing chain Circuit City Stores has said that they are fine with giving access to their books to Blockbuster for reviewing as they have shown interests in acquiring them. The company added that billionaire investor Carl Icahn is also interested in a possible deal if Blockbuster fails to [...] ... Source: www.videobusiness.com --- 1 day ago
MAY 9 | Circuit City has agreed to allow Blockbuster and its largest shareholder, Carl Icahn, to conduct due diligence on the rental chain’s proposal to acquire the electronics retailer. At the same time, Circuit City and shareholder Mark Wattles' Wattles Capital Management have agreed to slot WCM’s slate of three nominees to the retailer’s board of directors. ... Source: www.local12.com --- 1 day ago
Circuit City Stores says it will allow video-rental chain Blockbuster, and its largest shareholder Carl Icahn, to review its books in connection with Blockbuster's bid to buy the consumer electronics... ... Source: www.bignewsnetwork.com --- 1 day ago
RICHMOND, Va. (AP) — Circuit City Stores Inc. on Friday gave in to pressure from activist shareholders, essentially putting itself up for sale and agreeing to nominate dissident directors to its... ... Source: www.bignewsnetwork.com --- 1 day ago
Electronics retailer Circuit City said Friday that it would allow the video rental company Blockbuster to examine its books, a shift from its initial, highly skeptical stance toward Blockbuster's unso... ... Source: www.hackingnetflix.com --- 2 hours ago
The Wall Street Journal has posted a letter from Carl Icahn to Blockbuster CEO Jim Keyes, confirming that Icahn will buy Circuit City if Blockbuster is unable: This is to confirm that I, and/or entities affiliated with me, (collectively with me "Purchaser") stand ready to acquire Circuit City if Blockbuster is unable to receive financing to do so or obtain any necessary shareholder approvals after doing satisfactory due diligence. Obviously, this is subject to Purchaser conducting a satisfactory due diligence review of Circuit City which will be done concurrently with Blockbuster and being satisfied as to the results of... ...
Source: www.streetinsider.com --- 6 hours ago
Visit StreetInsider.com at http://www.streetinsider.com/Analyst+Comments/Cramer+on+Circuit+City+%28CC%29%3A+Stock+Will+Not+See+%246+Again/3630848.html for the full story. ... Find more search results for Circuit City on RSSMicro.com |
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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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