Blockbuster submits bid to buy Circuit City

[jw]

I am wondering now, revenue losing Blockbuster, buying CC for 6.00 a share?

Movie-rental leader offered $6 a share in February

By Danny King -- Video Business, 4/14/2008

APRIL 14 | Blockbuster said early today that it made an offer for at least $6 a share for Circuit City in February and that the No. 2 electronics retailer hadn’t fulfilled a request for due diligence necessary to make the bid “definitive.”
Blockbuster, the largest U.S. movie-rental chain, made the offer in a Feb. 17 letter to Circuit City CEO Philip Schoonover, who hasn’t responded to the bid. The offer was at least 27% more than Circuit City’s $4.74 closing price on Feb. 15, the previous day the stock traded........more.

By Alan Wolf -- TWICE, 4/14/2008 8:31:00 AM

Richmond, Va. – Circuit City is doubtful that Blockbuster can swing the $1 billion it has offered to buy the struggling CE chain, and is unwilling to provide further due diligence information until the funding issue and other “fundamental questions” are answered.
In a statement released today, Circuit City said it had already received and considered a similar proposal from Blockbuster, with which it has been exchanging information, but that the movie rental chain has been unable to convince Circuit and its advisor, Goldman Sachs, that the offer could be financed....more

I guess time will tell? Both companies are struggling and one wants to buy the other? Heck, worked for K-mart, they came out of bankruptcy and purchased Sears