Blockbuster says it may still try to acquire video rental company Hollywood Entertainment Corp.
Blockbuster says it may still try to acquire video rental company Hollywood Entertainment Corp.In a statement released yesterday (Jan. 18), Blockbuster says it is considering beating Movie Gallery's $1.2 billion bid for Hollywood, which was approved Jan. 10.
"We are disappointed that the special committee of Hollywood's board of directors elected to enter into a merger agreement with Movie Gallery without giving Blockbuster a fair opportunity to participate in the auction process," John Antioco, Blockbuster's president/CEO, says in the statement.
Blockbuster said Dec. 28 that it would launch a hostile takeover of Hollywood, in a $1 billion deal, if it did not get cooperation from Hollywood's board. Blockbuster's takeover would have paid Hollywood $11.50 per share, while Movie Gallery is offering $13.25 per share.