Blockbuster Plans Circuit City Takeover

April 14, 2008 12:00:00 AM PDT
Blockbuster says it plans to take its billion-dollar takeover bid for Circuit City directly to Circuit City's shareholders.Blockbuster said the electronics chain has not responded to its repeated but unsolicited offers. Circuit City has questioned whether Blockbuster has the financing to do the deal.

The movie rental company has had troubles of its own competing with online movie rental companies such as Netflix.

Blockbuster's chief executive says the offer is supported by a Blockbuster board member who could be a source of financing the deal. Circuit City is the number-two consumer electronics chain in the U.S., behind Best Buy.