Entries tagged "Wattles"
Activist investor Mark Wattles of Wattles Capital Management LLC, who has been pressing a Circuit City Stores Inc. sale since the beginning of this year, has a minor victory under his belt, as James Marcum, a member of his nominated three-person board slate, has risen to the ranks of vice chairman of the retailer. But, will Marcum use his newfound role to help drive a sale of the ailing retailer?...
Circuit City Stores Inc.'s unlikely savior Blockbuster Inc. bowed out of a bid for the beleaguered electronics retailer on Wednesday with a statement from Blockbuster chairman and CEO Jim Keyes: "based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster shareholders to proceed with an acquisition of Circuit City."...
Struggling consumer electronics retailer Circuit City Stores Inc. has agreed to open up its books to Blockbuster Inc. and Blockbuster's biggest shareholder, Carl Icahn. The question is whether Icahn would buy Circuit City if a Blockbuster deal falls through....
Lots of big news regarding Circuit City Stores Inc. Friday morning.There is finally an agreement on the table between Circuit City and Wattles Capital Management LLC, and Circuit City has put itself on the block due to activist pressure, hiring Goldman, Sachs & Co. to manage the sale. Friday's formal announcement says that Circuit City is exploring strategic alternatives and has also reached an agreement with Wattles, whereby Circuit City's board of directors would select three of WCM's director nominees and include them as nominees of the board.This news should come as no surprise to readers of The Deal. In...
Activist shareholder Mark Wattles in his efforts to push through a proposed acquisition of Circuit City Stores Inc. by Blockbuster Inc. urged the reluctant target to open its books to the video chain. Circuit City continued to rebuff his requests, and the Street did not seem to take the prospect of a $6 to $8 per share deal seriously, as the stock slipped nearly 1% to about $4.58 per share at just past noon on Thursday....
