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RICHMOND, Va. (AP) - Circuit City Stores says it will allow video-rental chain Blockbuster, and its largest shareholder Carl Icahn, to conduct due diligence in connection with Blockbuster's bid to buy the consumer electronics retailer.
The company said it got a letter from Ichan saying he's prepared to buy the company if Blockbuster can't get financing on its own or get shareholder approval.
Richmond-based Circuit City Stores Inc. says it hired Goldman Sachs & Co. to explore strategic alternatives, which may include a sale of the company, but that its board has not determined to pursue a particular option.
The company also says it reached a deal to put three of Wattles Capital Management board nominees up for election at its annual meeting. Wattles owns about 6.5 percent of Circuit City's outstanding stock.
Eritrea is considering five more applications for exploration licences, and will make its decision within the year.
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