With both Microsoft and Blockbuster exhibiting extreme patience with their acquisitions attempts, it’s worth looking at the root cause.
Namely, it’s the lack of other possible buyers. The turmoil in credit markets has stripped much of the power away from private equity firms, who have dominated the M&A landscape for much the last three years.
Meanwhile, lean-pocketed strategic […]
This week saw both Microsoft and Blockbuster stand firm on their acquisition bids for Yahoo and Circuit City, respectively.
Despite Yahoo’s strong quarterly results, Microsoft maintained its current bid, even hinting that it may drop its bid entirely. Great negotiating tactic, if you can get the target to believe it.
Microsoft’s Steve Ballmer is pretending to be […]
Blockbuster shareholder Carl Icahn has indicated that he will provide any financing required for Blockbuster to purchase electronics retailer Circuit City.
And Circuit City dissident shareholder Steve Wattles, who is currently waging a proxy fight vs. Circuit City’s management, has told Reuters that any bid above $6/share (representing a 54%+ premium) “looks attractive”.
Meanwhile, Blockbuster’s shares are down 16% in […]
Circuit City, already facing a proxy fight with dissident investor Wattles Capital Management (see prior posts here and here), has received a cash buyout offer from Blockbuster Inc.
According to The WSJ Online, Circuit City’s board received the offer in February and summarily rejected it, doubting Blockbuster’s ability to secure the required financing.
Frustrated with Circuit City’s lack of […]
Wattles Capital Management is getting some free p.r. today, having sent a letter to Circuity City’s board and then disseminating the letter via PRNewswire (to read the letter, click here).
No real news to report here, as Wattles merely reiterates its boilerplate position. Note to shareholders: if Wattles leads Circuit City with the same weak effort that Wattles is putting […]
Circuit City has executed 316 turnaround plans (slight exaggeration) in the last several years. And some investors think the electronics retailer is due for another one.
Wattles Capital Management, D.E. Shaw, and HBK Investments have increased their ownership in Circuit City and are campaigning for serious change.
What change exactly?…
“I haven’t talked to a single shareholder who didn’t agree there needs […]
