Updated:05/13, 5:15pm, EDT
macnn: tag: Circuit City
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Icahn to start proxy war for MS/Yahoo deal?

May 13 - 5:15pm EDT   Activist investor Carl Icahn may use his clout to instigate a proxy battle that pushes Yahoo towards accepting a Microsoft takeover, CNBC says. Those talking to Icahn allegedly say he will push for the nomination of three or four candidates to Yahoo's board of directors that would favor a Microsoft buyout, giving just enough influence on the ten-person board to have it vote in favor of the acquisition that it has resisted in the past. Dissatisfaction with Yahoo's rejection of Microsoft offers could make this simple, the sources explain. [full story]

Circuit City seeks alternatives to Blockbuster offer

May 9 - 10:15am EDT   Circuit City today sent mixed responses to Blockbuster's proposed takeover of the company. The suffering electronics retailer now says it will let both Blockbuster and its backing investor Carl Icahn conduct due diligence, effectively letting the movie rental house explore Circuit City's finances to judge whether the buyout would be practical. Circuit City warns, however, that the agreement isn't a sign that it has finished investigating Blockbuster's bid and that the company believes it can succeed without help from an outside buyer. [full story]

Circuit City questions Blockbuster takeover finances

April 24 - 4:30pm EDT   Last week saw video and game rental chain Blockbuster make a public $1 billion bid for electronics retailer Circuit City. At that time, Blockbuster accused Circuit City of not providing information the suitor requested to make a definitive proposal. Yesterday, investor group Wattles Capital Management, representing Blockbuster, sent a letter outlining the reasons for such disclosure to Blockbuster's board members. Circuit City's same-day response questioned Blockbuster's ability to finance such a deal in light of the rough economy. [full story]

Blockbuster makes bid for Circuit City

April 14 - 9:05am EDT   Blockbuster today made a surprise, unsolicited bid for Circuit City. The offer would provide $6 per share and equate to $1 billion, or approximately 54 percent more than Circuit City's current value. The offer is meant to seize on the increasing unity between media and technology and would create a "game-changing retail concept," according to Blockbuster chief Jim Keyes. Circuit City has not yet formally responded to the offer but is said not to have offered the "due diligence" necessary to provide a full assessment of Circuit City's worth; doing so could boost the offer to $8 per share, or more than $1.3 billion. [full story]

Study: Electronics spending to crash, may hurt Apple

March 19 - 9:50am EDT   American spending on electronics is about to take a sharp slide, suggests a study by ChangeWave Research. In a survey of over 4,400 Americans conducted between February 18th and the 25th, a full 33 percent said they would be spending less on electronics in the next 90 days, versus only 19 percent who said they would spend more. Although "spending less" responses tend to dominate in most months of the year except for the run-up to Christmas, the gap is now the largest it has been since 2002, a factor which may both reflect and harm an already damaged US economy. [full story]

Canadian retailer offers HD DVD 'amnesty' deal

March 7 - 11:05am EST   Canadians who bought an HD DVD player now have a trade-in option for the obsolete format, Future Shop claims. A new deal from the retailer is offering any owner of an HD DVD player a $100 discount on the purchase of a hybrid player that can play both their existing titles as well as the surviving Blu-ray standard. This chiefly includes either the LG BH200 or its fellow Korean rival the Samsung BD-UP5000, the store notes. No distinction is made between the value of different HD DVD players. [full story]
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