RadioShack receives bids from prospective buyers

One of the largest indirect retailers for mobile phones was noted in hiring Goldman Sachs earlier in the year to venture and tangle with the notion of looking for prospective buyers for the company. We've already heard rumors on how the company was contemplating a merger with rival retailer Best Buy, but this time around it looks like there are two suitors who are in contention for RadioShack. Private equity firm, Blackstone Group, placed a bid for the company which is reported to be valued somewhere around $3 billion – which looks to be the leading participant after last week's initial round of bids. The other company also interested in the company has yet to be announced. However, RadioShack has been making some great strides over the course of the last year as they've introduced T-Mobile to their lineup, rolled out wireless kiosks at Target locations, and brought on board the Apple iPhone. RadioShack's Chief Executive, Julian Day, looks to be adamant on selling the company as Day continues to press Goldman Sachs to hasten the auction and is willing to sell for less.

source: MarketWatch via Phonescoop