Contingent Offer

Blockbuster Makes Contingent Offer to Raise Bid for Hollywood Video

Authored by Mark Hefflinger on December 1, 2004 - 5:09am.

Dallas -- Video rental giant Blockbuster said on Wednesday that it is willing to increase its bid for Hollywood Entertainment, the nation's second-largest video rental chain, if Hollywood would allow Blockbuster access to its financial records. Last month, Blockbuster offered around $700 million to acquire Hollywood Video. The bid was countered by rival offers from buyout firm Leonard Green & Partners, and Movie Gallery, the third-largest video rental chain. Billionaire Carl Icahn also disclosed that he has recently purchased 5.1 million Hollywood shares -- an 8.4% stake -- signaling that he may emerge as a fourth bidder for the company.

tags: Bid | Blockbuster | Hollywood Video | Contingent Offer |