Published on 12/28/2004
Blockbuster just said that they were trying to make a hostile takeover of rival Hollywood Video.
They will offer $11.5 per share, for a total of about $700M, plus $300M in Hollywood debts. The shares of Hollywood skyrocketed on the news (+30%).
If successful, this takeover would give control to Blockbuster of 50% of the rental stores, nationwide. It will also boost Blockbuster's revenue immediately.
Soruce Forbes Related links Hollywood Video