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Last Updated: Sunday, 6 March, 2005, 10:43 GMT
Blockbuster sticks to hostile bid
Blockbuster store
Blockbuster is the world number-one video rental firm
Blockbuster, the world's largest video rental company, has said it will not back down from its hostile takeover bid for rival Hollywood Entertainment.

Its comments came after US antitrust enforcers said Blockbuster had provided "insufficient and inaccurate" details about its plans for the takeover.

The Federal Trade Commission (FTC) has now filed a court motion to halt the bid, until it gets more information.

Blockbuster said it would be happy to provide the FTC with fresh details.

Rival bid

Meanwhile, Hollywood, the number two video rental company, has agreed to be bought by the number three - Movie Gallery.

The FTC has already agreed this deal, which Blockbuster is now trying to thwart.

Under US law the FTC has 30 days to conduct an investigation of Blockbuster's interest in Hollywood.

The agency said that due to a "programming error", more than half the data in Blockbuster's submission was inaccurate, and it was now seeking more time to study the case.


SEE ALSO:
Viacom plans to sell Blockbuster
10 Feb 04 |  Business
Video chain boycotts Warner films
25 Jul 02 |  Entertainment
Blockbuster cancels awards show
22 Nov 01 |  Entertainment


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