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Thursday May 12, 11:34
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Blockbuster board gives seats to Icahn
(by Dr.Goldfinger)
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The board of Blockbuster, company with the market capitalization of $1.9 billion, allowed dissident Carl Icahn to take seat in the company’s board despite the fierce opposition from Blockbuster’s Chairman and CEO John Antioco.
Mr. Icahn, along with two other dissident executives, was elected to the company’s board showing a victory over the strong opposition from Blockbuster’s CEO with the changes that may lead to the cuts in new ventures.
The opposition between Mr. Icahn, backed by powerful hedge funds, and the video-rental chain’s CEO lasted for quite a long period of time but resulted in nothing as Antioco eventually lost his bid for re-election. Still, he is expected to be reappointed to the board as chairman. Antioco may also be entitled to a $54-million severance with the possibility for him to keep on as Blockbuster’s CEO.
Blockbuster, an appeal to private-equity firms, may also be a target for takeover bid, according to some analysts. The spending on new ventures is also expected to be rethought, they add.
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