Circuit City Stores Rejects Buyout Offer
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Circuit City Stores Inc. said Mexican billionaire Carlos Slim made a $1.5-billion buyout offer that it rejected because the $8-a-share cash bid was too low.
Slim, who owns 9.2% of the Richmond, Va.-based company, is considering whether to make a fresh proposal for stock in the company he doesn’t already own, a spokesman for Slim said.
Slim’s June 16 offer, disclosed in a Securities and Exchange Commission filing, came three years after Grupo Sanborns, the Mexican retailer controlled by Slim, acquired personal-computer chain CompUSA Inc. for about $800 million.
The company’s shares rose 68 cents, or 8.5%, to $8.66 on the New York Stock Exchange.
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