Canadian Regulators Approve InterTan Sale28 Apr, 2004 By: Holly J. Wagner
Circuit City Stores Inc. has won Canadian antitrust clearance for its proposed acquisition of Canadian counterpart InterTAN Inc., and the U.S. Federal Trade Commission (FTC) has determined that the transaction is not subject to premerger antitrust review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, Circuit City announced today.
Completion of the transaction remains subject to satisfaction of other conditions, including at least a majority of the fully diluted InterTAN shares being tendered into the offer.
Circuit City plans to acquire the Canadian consumer electronics retailer in a cash tender offer for $14 per InterTAN share. If the tender offer is successful, a merger in which the holders of the remaining outstanding shares of InterTAN stock will receive $14 per share in cash would follow, and InterTAN will become a wholly owned subsidiary of Circuit City.
Circuit City commenced the tender offer April 13 and it is scheduled to expire at 11:59 p.m. EDT May 11, unless extended.