The Independent (Free subscription) | 05/10/2008
The company also said it would allow Blockbuster – which surprised Wall Street with a $1bn-plus bid for Circuit City last month – to conduct due diligence. Philip Schoonover, Circuit City chief executive, had previously refused to give Blockbuster access to the books because he did not believe it could afford a bid, but Carl Icahn, the billionaire who holds a stake in Blockbuster, promised...
BetaNews (Free subscription) | 05/09/2008
... value or that it has settled upon a particular strategic course of action," the retailers CEO Philip Schoonover said in a statement.Blockbuster believes that a combined company would be "uniquely positioned" to take advantage of the growing strength of digital content."Both companies would benefit from complementary products, marketing, management strengths, technology and distribution...
Denver Post (Free subscription) | 04/29/2008
... chain, has criticized Circuit City's turnaround efforts, placing blame on chief executive Philip Schoonover and asking for him to be replaced. In the filing, Wattles questioned the existing board's willingness to hold senior management accountable for poor performance at Circuit City, which lost $319.9 million in its last fiscal year compared with a loss of $8.3 million during the...
Star Tribune (Free subscription) | 04/27/2008
... announced April 14.There is a good chance that the deal won't happen. Circuit City Chief Executive Philip Schoonover has refused to open the books for negotiations, saying he doesn't believe that Blockbuster can finance the deal. And Keyes told the Wall Street Journal recently that he wasn't willing to engage in a hostile bid and would only proceed if the conditions were right.
Seeking Alpha (Free subscription) | 04/15/2008
Todd Sullivan submits: Blockbuster (BBI) said it made a $1 to $1.3 billion cash offer in a Feb. 17 letter to Circuit City (CC) Chief Executive Philip Schoonover. They decided to go public with the offer Monday after Circuit City did not provide access to its books. Circuit City said today of Blockbuster they had "reservations as to their ability to finance the offer." Considering that...
901am (Free subscription) | 04/14/2008
Blockbuster Inc. has offered to acquire Circuit City Stores, Inc. for at least $6.00 per share in cash, subject to due diligence. The offer was made in a letter sent to Circuit City Chairman and Chief Executive Officer Philip Schoonover on February 17th on behalf of the Blockbuster Board of Directors, which fully supports the [...]
Houston Chronicle (Free subscription) | 04/14/2008
The movie rental chain operator said it has been in talks with Richmond, Va.-based Circuit City for months regarding an acquisition, and on Feb. 17th sent a letter to Circuit City Chairman and Chief Executive Philip Schoonover offering $6 to $8 per share in cash for the company.
People Daily (Free subscription) | 04/15/2008
Blockbuster Inc, the biggest movie-rental chain, made an unsolicited offer to buy Circuit City Stores Inc, for as much as $1.35 billion as the second- largest US electronics retailer struggles with falling sales.Blockbuster, based in Dallas, wrote to Circuit City Chief Executive Officer Philip Schoonover and bid between $6 and $8 a share for the company, as much as double last week's...
Red Orbit (Free subscription) | 04/15/2008
U.S. Chain Makes Bid for Circuit City Stores HOT STOCKSPosted on: Tuesday, 15 April 2008, 06:00 CDTBlockbuster, the No. 1 U.S. movie rental chain, said Monday that it had offered to buy the electronics retailer Circuit City Stores in an all-cash offer in the range of $6 per share to $8 per share. Blockbuster said that it made the offer in a Feb. 17 letter to Circuit City's chief executive, Philip...
Denver Post (Free subscription) | 04/15/2008
Blockbuster, based in Dallas, bid between $6 and $8 a share in a February letter to Circuit City chief executive Philip Schoonover, as much as double last week's closing price. Circuit City, whose stock on Monday rose the most in at least 28 years, said in a statement it isn't convinced Blockbuster can finance a purchase.
p2pnet (Free subscription) | 04/14/2008
p2pnet news | Products:- Blockbuster wants to buy Circuit City Stores. But the former appears to have grown tired of waiting for the latter to respond to its offer of $1.35 billion, with a February 21 deadline, and has now gone public. Circuit City, the second- largest US electronics retailer, “struggles with falling sales,” says Bloomberg News , going on Blockbuster wrote to Circuit City CEO Philip...
ZDNet (Free subscription) | 04/14/2008
Blockbuster Chief Executive and Chairman Jim Keyes, a former 7-Eleven CEO hired last year with a mandate to turn around Blockbuster, made the offer in a February 17 letter to Circuit City Chief Executive Philip Schoonover, but Blockbuster said Circuit City had so far failed to provide due diligence.
CNN (Free subscription) | 04/14/2008
... offer was initiated in a private letter from Blockbuster CEO Jim Keyes, sent to Circuit City CEO Philip Schoonover in mid-February. "The combination of Blockbuster and Circuit City will result in an $18 billion retail enterprise uniquely positioned for the convergence of media content and electronic devices," Keyes wrote. In a conference call with investors, Keyes called the combined...
International Herald Tribune (Free subscription) | 04/14/2008
... been in talks with Circuit City for months regarding an acquisition, and sent a letter Feb. 17 to Philip Schoonover, Circuit City's chairman and chief executive, offering $6 to $8 per share in cash for the company provided it be allowed to examine its financial books and outlook.Based on Circuit City's 168.4 million shares outstanding at Dec. 31, 2007, the deal values Circuit City...
CyberNet (Free subscription) | 04/14/2008
... February 17th , but just made public today, Jim Keyes, Chairman and CEO of Blockbuster writes to Philip Schoonover, CEO of Circuit City to make an offer for the company. In the letter, Keyes asked that a response be made by February 21st, however no response was made. Now they’re taking a Microsoft-ish approach to this saying that they are taking an unsolicited $1 billion dollar plus...
