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Blockbuster may face rival offers for Circuit City
10:53 PM CDT on Wednesday, June 25, 2008
Blockbuster Inc.'s bid for Circuit City Stores Inc. may be attracting some competition from others, including private equity firms who also may be preparing offers for the consumer electronics chain.Still, shares rose only modestly Wednesday. Blockbuster's stock price gained 3 cents to close at $2.65, and Circuit City shares gained 11 cents to close at $3.46.
Last month, Circuit City allowed Blockbuster and its famous financier shareholder Carl Icahn to examine its books in conjunction with the Dallas-based movie rental chain's $1 billion offer.
Circuit City shareholder Mark Wattles told reporters Tuesday after the company's annual meeting that others are also interested in bidding. Mr. Wattles owns 6.5 percent of the Richmond, Va.-based company and this year led a successful effort to get three of his directors on the retailer's board.
Maria Halkias
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