Report: Circuit City Urged to Share Financial Info With Blockbuster
Richmond, Va. One of Circuit City’s shareholders is urging the company to share its finances with Blockbuster Inc., to promote good-faith negotiations. Last week, Dallas-based Blockbuster offered to buy the electronics retailer for approximately $1.3 billion.
Wattles Capital Management said in a letter to Circuit City on Wednesday that the company should provide access to Blockbuster, and discuss the company's proposal, along with any other possible bidders, according to an article by the Associated Press. Wattles owns about 6.5% of Circuit City's stock.
While Circuit City last week said it was open to pursuing further talks, it was unwilling to let Blockbuster examine its books due to concerns about how the video-rental company would finance a deal.