The fourth competitor for Oregon-based Hollywood Video, billionaire Carl Icahn, recently bought 5.1 million shares, an 8.4% stake in the chain. Among the other companies bidding to take over the chain are Blockbuster Video -- recently spun-off from Viacom after much lamenting over stagnating sales and competition from on-demand cable and pay per-view -- and Movie Gallery, Inc. As each new bid comes in, Hollywood's stock price rises. It closed on Friday at $12.88, up from $9.80 before the Blockbuster bid on November 11.
Posted by franchiselawblog at November 29, 2004 03:20 PM