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Richmond, Va.-Based Circuit City Rejects Buyout Offer from Mexican Businessman.
Byline: Gregory J. Gilligan
Jun. 27--Circuit City Stores Inc. has rejected a buyout offer from one of Mexico's richest businessmen who already owns a large stake in the Richmond-based retailer.
Billionaire Carlos Slim Helu and his family-controlled companies offered to buy Circuit City for $8 a share last week when the stock was trading at $6.75 a share, according to a document filed yesterday with the Securities and Exchange Commission.
But W. Alan McCollough, Circuit City's chairman, president and chief executive officer, declined Slim's offer two days after it was made, saying the retailer's board "was not interested in discussing such proposals," the filing said.
Shares in Circuit City rose 8.25 percent yesterday in heavy trading on the New York Stock Exchange after the news was disclosed. The stock closed at …
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News wire article from: Richmond Times-Dispatch (Richmond, VA)
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