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Blockbuster Looks To Buy Circuit City

Dallas-based Blockbuster Inc. said Monday that it has offered to acquire Circuit City Stores, for $6.00 in cash, worth approximately $1.3B. According to Blockbuster, it made the unsolicited offer to Circuit City Chairman and CEO Philip Schoonover in February, but Circuit City failed to provide due diligence to allow the firm to make a definitive proposal to buy the firm. Blockbuster released its acquisition proposal letter to Circuit City, where the company proposed creating a new, $18B enterprise focused on becoming the "most convenient source for media entertainment."