Movie Gallery is making its way towards acquisition of Hollywood Entertainment after winning 88.5 percent of the shareholder vote for the $13.25 per share sale. The bidding saga, which lasted six months, ended not only with Blockbuster, Inc. losing the battle (March 17th blog entry details the bidding war), but also with Carl Icahn nominating himself to Blockbuster's board (see April 8th blog entry).
Under the current bid, Movie Gallery will pay $900 million for Hollywood Entertainment.
Posted by franchiselawblog at April 25, 2005 03:20 PM