Blockbuster looks at Circuit City as merger opens
Richmond (VA) - Circuit City increased the possibility of a takeover by reversing course and saying that it will open its books to suitor Blockbuster and the movie-rental company's largest shareholder, billionaire investor Carl Icahn.
The electronics chain also said that Goldman Sachs will help to explore strategic options, and announced an agreement with investor Mark Wattles that effectively ends a proxy fight he planned to wage at its annual meeting in June.
Shares in the electronics retailer climbed 5.8% Friday, closing at $5.07.
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