Retailer Circuit City Stores, Inc. (Richmond, VA, U.S.) announced that it has received Canadian antitrust clearance for its proposed acquisition of consumer electronics retailer InterTAN, Inc. and that the U.S. Federal Trade Commission has determined that the transaction is not subject to premerger antitrust review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
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 announced in late March that it had reached an agreement with InterTAN to acquire the consumer electronics retailer in a cash tender offer for U.S. $14 per InterTAN share. If successful, the tender offer will be followed by a merger in which the holders of the remaining outstanding shares of InterTAN stock will receive $14 per share in cash, and InterTAN will become a wholly owned subsidiary of Circuit City.
Circuit City commenced the tender offer on April 13. The tender offer is scheduled to expire at on May 11, unless extended.
to Daily News