RadioShack Falls as Takeover Talk Dies
NEW YORK (
) --
RadioShack
(RSH)
is giving up Tuesday's gains, as the hype surrounding a potential takeover dies down.
On Tuesday buyout chatter resurfaced, this time the rumor was private-equity firm
Blackstone Group
(BX) - Get Report
entered into a definitive agreement to purchase the electronics retailer. Blackstone declined to comment on these rumors.
RadioShack has been the target of a possible acquisition for some time, with past reports also naming
Kohlberg Kravis Roberts
,
Bain Capital
,
TPG
and
Best Buy
(BBY) - Get Report
as potential bidders.
Shares of RadioShack are among the biggest decliners on the New York Stock Exchange, plunging 6.6% to $20.99 in morning trading. On Tuesday the stock gained as much as 7.6%.
-- Reported by Jeanine Poggi in New York.
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