Former CEO of Video Chain Boosts Stake
Hollywood Entertainment Corp.’s former chief executive has boosted his stake in the movie-rental chain to 10.3%, and said he might begin talks with bidders for the company, including Blockbuster Inc.
Mark Wattles boosted his holdings to 6.14 million shares by exercising stock options, according to a Securities and Exchange Commission. He bought the shares a day after Blockbuster offered $1.3 billion to thwart a lower bid by Movie Gallery Inc.
Wattles resigned Wednesday as CEO. In the filing, he said he planned to have discussions with both companies and might open talks with others.
Wattles also said he was not part of the agreement that Hollywood Entertainment made to merge with Movie Gallery
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