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Wattles Sells Stake In Tweeter

12/14/2006 10:14:00 AM Eastern

Las Vegas – Ultimate Electronics CEO Mark Wattles has sold off his holdings in Tweeter Home Entertainment Group.

The private investor and Hollywood Video founder prompted takeover rumors in the summer of 2005 by increasing his stake in Tweeter to 12.2 percent of outstanding shares, and then urging its board to adopt new measures that would open the company up to hostile acquisitions.

Wattles sold his more than 3 million Tweeter shares on Dec. 11, 2006 for $2.17 per share. He bought nearly 2.3 million shares between June 10, 2005 and Aug. 26, 2005 for between $2.53 and $4.34.