Shares of troubled consumer retailer Circuit City (NYSE: CC) are surging this morning in the premarket. Shares of Circuit City are up 59% in premarket trading this morning on news that Blockbuster (NYSE: BBI) is looking to acquire the company.

Blockbuster announced that it was offering $6 a share for Circuit City (Circuit City closed last Friday at $3.90) . The bid amounts to over $1 billion.

Blockbuster stated that it has been in talks with Circuit City for a few months now, but has still not received the due diligence from Circuit City needed to make a definitive offer. It had requested this information by Feb. 21.

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