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Blockbuster Circuit City Bid Short-Circuited
11:21 AM EDT Wed. Jul. 02, 2008
"Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster's shareholders to proceed with an acquisition of Circuit City," Jim Keyes, Blockbuster chairman and CEO, said in a statement.
Dallas-based Blockbuster believed that its strategy of marrying the two companies would result in an $18 billion global retail enterprise generated by their complementary products.
"We believe the combination will result in a compelling consumer proposition that will drive significant revenue and margin enhancements as well as cost synergies," said Keyes in a statement at the time.
Keyes said Wednesday that Blockbuster is still focused on providing media and devices under one roof.
"We continue to believe in the strategic merits of a consumer retail proposition that would bring media content and electronic devices together under one brand. We will pursue this strategy through our Blockbuster stores as a way to diversify the business and better serve the entertainment retail segment."
Blockbuster shareholders seemed cheered by news of the bid withdrawal, and the retailer's stock climbed 12 percent in early morning trading Wednesday. On the other hand, jilted Circuit City stockholders sent shares down nearly 14 percent.
