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twitterVideo store chain to consider new offer for Hollywood
Tuesday, Jan. 18, 2005 | 9:13 a.m.
Blockbuster Inc., the largest video store chain, may make a new offer for Hollywood Entertainment Corp., which agreed to merge with Movie Gallery Inc.
Blockbuster won't pursue a hostile tender offer for the company, it said in a statement today. Movie Gallery has offered $850 million, topping Blockbuster's $750 million bid and another from buyout firm Leonard Green & Partners.
John Antioco, Blockbuster's chief executive, has been pressing for two months to purchase Hollywood Entertainment, the second-largest video rental chain, in a bid supported by billionaire investor Carl Icahn. After Movie Gallery said it had agreed to buy the company on Jan. 10, Antioco said he would still "love" to purchase Hollywood Entertainment.
Movie Gallery would get a $27 million breakup fee should its transaction not proceed.
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