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February 28, 2005

Hollywood Rejects Top Offer

As the bidding war for Hollywood Video continues between competitors Blockbuster and Movie Gallery, Hollywood’s board is encouraging its shareholders to reject the highest offer, the $14.50 in stock and cash from Blockbuster.

According to The Portland Business Journal, Blockbuster Inc. said that it will pay $1,146.24 cash for each $1,000 worth of Hollywood Entertainment Corp.'s 9.625 percent senior subordinated notes due in 2011. If this bid is successful Blockbuster will hold almost two-thirds of Hollywood's $350 million in debt. However, earlier this month Hollywood's board told its shareholders to reject Blockbuster’s bid while it endorsed that of Movie Gallery’s, $13.25 per share. Although a lower offer Blockbuster’s board fears that a purchase by Blockbuster will be blocked by the FTC for a violation of antitrust laws.

Posted by Quentin Johnson at 08:17 PM in Alliances | Permalink


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