Even giant corporations have change of heart, from time to time. Mega-video rental chain, Blockbuster announced yesterday that it was withdrawing its bid for electronics supply chain, Circuit City.

"Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster's shareholders to proceed with an acquisition of Circuit City," said Blockbuster's chairman and CEO, Jim Keyes said in a statement issued late yesterday. "We continue to believe in the strategic merits of a consumer retail proposition that would bring media content and electronic devices together under one brand. We will pursue this strategy through our Blockbuster stores as a way to diversify the business and better serve the entertainment retail segment."

Blockbuster made their initial bid for the company back in February, making public their intentions two months later. The bid, estimated between $1 billion and $1.3 billion valued Circuit City at $6 to $8 a share--significantly above what the struggling company was originally valued at.