Movie renter Blockbuster is trying to acquire challenged consumer electronics retailer Circuit City, but says that CC is dragging its heels on the due diligence front. Blockbuster may take its case directly to Circuit City shareholders. According to CNNMoney.com, Blockbuster’s offer for the Circuit City puts its value between 1.01B to 1.35B. It asked CC for information by 2/21/08, but has yet to receive a response. Blockbuster is looking to create a "game-changing retail concept" by combining the two, and says it’s offering a premium for the company, which has watched its stock crumble from over 19 dollars to under 3.50 over the past year.
Sign up for free to get:
The Daily Intelligence Report delivered to your inbox.
RBR+TVBR delivers complete broadcasting news analysis and our famous observations.