|
Blockbuster withdraws plan to acquire Circuit City
|
|
|
Posted on
Jul 02 2008 6:19 AM
by
adeal
|
Blockbuster Inc. said Tuesday it is withdrawing its proposal to buy Circuit City Stores Inc., the big-box electronics retailer whose sales have tumbled this year.
Chief Executive James Keyes said in a written statement that the proposed deal, at a price of more than $1 billion, didn't make sense because of market conditions. Blockbuster shares jumped nearly 12 percent on the news, while Circuit City shares continued their fall.
|
|
No comment found for this blog
|
|