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Blockbuster rescinds offer to buy Circuit City

By Justin Mann

On July 2, 2008, 12:16 PM

Earlier this year, Blockbuster made a move on retail chain Circuit City in an apparent bid to take over the company. Blockbuster, despite having issues of their own, was willing to put down $1.3 billion for the company, with little details as to what their reasons were.

With just as little detail now as then, Blockbuster has dropped the offer and won't be trying to buy Circuit City any longer. They only cited vague concerns over a purchase not being in the best interest of their shareholders. Circuit City is still apparently looking for a buyer or a way to reorganize, such as many retail chains have been doing or considering since the collapse of CompUSA last year.

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