Ever since this deal was accounced back in April I thought it was the dumbest deal I had EVER heard of. I SERIOUSLY question the intelligence of Blockbuster's CEO, their board and Carl Icahn who apparnetly blessed the deal. At least the CEO of Blockbuster eventually wisened up but I am still DUMFOUNDED that him, Icahn, and the board of Blockbuster all wanted to go through with this deal initially....
So tonight, we bid farewell to the acquisition that would have been the STAR case (piece de la resistance) for Harvard Business Cases moving forward.
As of tonight Blockbuster pulled the deal. Circuit City will trade down and Blockbuster should pop tomorrow.