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Article: Blockbuster bests Gallery's H'wood bid: wattles quits as Hollywood's chief.(Retail)(Hollywood Entertainment Corp., Movie Gallery)
- Article from:
- Video Business
- Article date:
- February 7, 2005
- Author:
CopyrightCOPYRIGHT 2005 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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After a brief pause to address federal regulators, Blockbuster Video and Movie Gallery again traded salvos in their escalating bidding war for Hollywood Entertainment Corp.
Blockbuster launched its long-threatened hostile takeover bid for Hollywood last week, making an offer directly to Hollywood's shareholders of $11.50 a share in cash and $3 in Blockbuster stock. The cash-and-stock price of $14.50 a share represents a 9% premium over the $13.25 a share merger agreement struck last month between Hollywood and Movie Gallery.
Undeterred, Movie Gallery issued a press release a day later calling its all-cash bid "better for Hollywood's shareholders, ...