I knew that Walmart was hurting stores like Circuit City, but I didn't know they were this bad! The #2 Consumer Electronic Store in America could soon be owned by a new company if this deal is accepted and approved.
"Circuit City Stores, the No. 2 U.S. consumer electronics chain, on Tuesday said it had received an unsolicited takeover offer of $17 a share, or about $3.25 billion. The proposal from Highfields Capital Management represents a 19.5 percent premium over Circuit City's closing share price Monday of $14.23 on the New York Stock Exchange. Its announcement sent Circuit City shares soaring 19.5 percent to $17 on the Inet electronic brokerage system before the bell."