Pliego could seek control of Circuit City
FROM TWICE: Mexican billionaire now the company's largest shareholder
By Alan Wolf of TWICE -- Video Business, 11/21/2008
NOV. 21 | FROM TWICE: MEXICO CITY—Mexican billionaire Ricardo Salinas Pliego acknowledged in a filing that he may seek control of Circuit City.
The banking, broadcasting and retail tycoon became the company’s largest shareholder this month after snatching up 28.1 percent of Circuit City stock for $41.4 million.
Pliego indicated in a Nov. 20 filing with the Securities and Exchange Commission that he acquired the stake “with a view towards possibly seeking influence over the management, business and operations” of the chain.
He also reserved the right to contact Circuit City’s management and board regarding alternative strategies, and indicated he may “take positions” advocating changes to all three—including a possible change in control of the company—although he has no present plans or proposals to do so.
Read the full story on TWICE.com.
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