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Article: Movie Gallery topper rips bid.(Joe Malugen criticizes Blockbuster inc. acquisition plans)(Brief Article)
- Article from:
- Daily Variety
- Article date:
- March 21, 2005
- Author:
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Movie Gallery CEO Joe Malugen on Friday lashed out at Blockbuster, calling its larger rival's hostile and competing bid for Hollywood Entertainment "illegitimate" and "purely fictional."
During an earnings call, Malugen reported a downturn in profits for Movie Gallery during the final quarter of 2004, but said the No. 3 vidtailer remains confident its offer for Hollywood would prevail.
Movie Gallery shares were buoyed in trading by Malugen's tough stance. Shares were up $2.31 to close at $25.45, a hefty 10% hike.
Washington antitrust watchdogs have already approved Movie Gallery's plan to buy up Hollywood for $13.25 a share, but Blockbuster has ...