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Blockbuster (BBI) Withdraws Offer for Circuit City (CC)
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Shares of Blockbuster Inc. (NYSE: BBI) are trading 10% higher in pre-open action after the company announced that is has decided to withdraw its proposal to acquire Circuit City (NYSE: CC).
BBI CEO Jim Keyes said, "Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster's shareholders to proceed with an acquisition of Circuit City."
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