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Article: Circuit City receives cash buyout offer

Article from:
Deseret News (Salt Lake City)
Article date:
February 16, 2005
Author:
Copyright

RICHMOND, Va. -- Circuit City Stores Inc., which has lost market share to Best Buy Co. Inc. and continues to report disappointing sales, received a $3.25 billion cash buyout offer from a Boston investment firm known for rattling management at underperforming companies.

The nation's No. 2 chain of consumer electronics stores said Tuesday that its board of directors will "carefully evaluate" the unsolicited offer from shareholder Highfields Capital Management LP, which contends it has a plan for reversing Circuit City's fortunes.

"We are convinced that as a private company, Circuit City will be able to effect change more rapidly with fewer constraints," Highfields fund managers Jonathon S. ...

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