Shares of RadioShack Corp. (RSH) lost almost 10% of their market value Tuesday morning after Bloomberg reported that private-equity firms TPG Capital and Blackstone Group would drop out of their joint bid to acquire the struggling electronics retailer, which hired Goldman Sachs (GS) earlier this year to advise it on a possible deal.
According to Bloomberg News, Bain Capital, another private equity firm, has also pulled out of the auction and is no longer pursuing a potential bid for the electronics chain.
It was also rumored that Advent International and RadioShack rival Best Buy (BBY) have expressed interest in purchasing the co., but there have been no updates on the legitimacy of that chatter.
RSH shares are lower on the session by $1.42, or 6.62%, currently trading at $20.05. The stock had traded as high as $24.00 earlier this year.