"Let me be clear that our decision to allow Blockbuster and CarlIcahn to conduct due diligence should not be taken as an indicationthat the board has completed its review of the Blockbusterproposal, that the board has taken a position on the company'svalue or that it has settled upon a particular strategic course ofaction," said Philip Schoonover, Circuit City's chairman, presidentand chief executive officer.
Blockbuster and Icahn's proposal includes a condition, in which,if the former is not able to finance a deal, Ichan and hisaffiliates could step in and make the acquisition of Circuit City.Ichan, who Forbes magazine listed last year as the42nd-richest person in the world with a net worth of $13 billion,is chairman of New York City-based Icahn Enterprises, which investsin real estate, home fashion and metals.
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