Retail Industry
Industry: Email Alert RSS FeedBest Buy - acquisition of Magnolia Hi-Fi - Brief Article
DSN Retailing Today, Jan 1, 2001
Best Buy has finalized its acquisition of Magnolia Hi-Fi after announcing its intent to purchase the 13-store Seattle-based chain on Dec. 7, 2000 (see story page 1). The company closed the transaction for $87 million on Dec. 18. Magnolia will operate autonomously as a wholly-owned subsidiary of Best Buy.
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Additionally, on Dec. 21, Best Buy commenced a cash offer for all shares of Musicland common stock for $12.55 per share. The offer is set to expire at midnight, Jan. 22, 2001.
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