Blockbuster’s plan to acquire Circuit City is off.
“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,” said Jim Keyes, Blockbuster Chairman and CEO.
Blockbuster, in mid-April, offered to acquire Circuit City for at least $6.00 per share in cash, subject to due diligence. So, we can fairly say that nothing attractive was found during the due diligence that makes it compelling to buy.
