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Blockbuster Plans Hostile Takeover of Hollywood Video
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Posted by Allison on December 29, 2004 11:14 AM
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Many sources this morning are reporting that Blockbuster, the largest US video rental chain, has launched plans for a hostile bid for Portland, OR-based Hollywood Entertainment, if Hollywood does not cooperate with Blockbuster's $700 million takeover offer. The plan "involves a cash tender offer to buy Hollywood shares for $11.50 each if Hollywood's board refuses to negotiate a takeover". This news comes just one week after Blockbuster's announcement that they have lowered their online video rental service to $14.99/month, undercutting both Netflix and Wal-Mart's online services. Apparently, you don't mess with Blockbuster unless Blockbuster wants to be messed. Comment

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