Blockbuster Withdraws Proposal to Acquire Circuit City

Blockbuster Withdraws Proposal to Acquire Circuit City
July 02, 2008

Dallas-based Blockbuster Inc. announced Tuesday the withdrawal of its proposal to acquire Richmond, Va.-based Circuit City Stores Inc. Jim Keyes, Bockbuster chairman and CEO, said the company decided not to proceed with the acquisition "based on market conditions and the completion of our initial due process." He also said the proposition was not in the best interest of Blockbuster's shareholders. In response to the withdrawal, Philip Schnoonover, chairman, president and CEO of Circuit City, has said that "The board's review was not dependent on Blockbuster's participation." Circuit City is still exploring strategic alternatives, but will not disclose more information until the board approves a course of action.

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