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Circuit City Stores Inc. (Richmond, VA, U.S.) says it has begun tendering for all outstanding shares of Canada's private-label electronics chain InterTan Inc., which the number two consumer electronics chain has agreed to buy for U.S. $284 million in cash.
Circuit City said its $14 per share tender offer was scheduled to expire on May 11, 2004, unless extended.
It said U..S.-bassed Banc of America Securities was the dealer manager in the United States for the offer and Wells Fargo Bank, N.A. is serving as the depositary for the offer. InterTan, based in Barrie, Ontario, Canada, has some 980 stores across Canada. (Reuters)
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