Home

Movie Gallery Merger

Hollywood Video Seeks Antitrust Approval for Movie Gallery Merger

Authored by Mark Hefflinger on January 14, 2005 - 8:55am.
Portland, Ore. -- Hollywood Entertainment, the nation's second-largest video rental chain behind Blockbuster, announced that it has sought official antitrust approval of a buyout offer from Movie Gallery, the third-largest video rental chain in the U.S. Earlier this week, Alabama-based Movie Gallery offered $850 million for Hollywood, which operates 2,000 Hollywood Video and 700 Game Crazy stores. Oregon-based Hollywood also announced that it has received a "second request" from the Federal Trade Commission (FTC) in relation to an FTC investigation of a potential offer from Blockbuster to acquire the shares of Hollywood. Blockbuster previously offered $11.50 per share for Hollywood, but has said it would raise that offer if Hollywood granted full access to its books, and eliminated a qualification that Blockbuster never sidestep Hollywood's management with an offer proposed directly to Hollywood's shareholders.
tags: Hollywood Video | Antitrust Approval | Movie Gallery Merger |