Best Buy (BBY) Affirms Receipt of $24 - $26/Share Bid from Founder Schulze

Article Stock Quotes (1) Comments (1)

Best Buy Co., Inc. (NYSE: BBY) confirmed that its Board of Directors has received a letter requesting due diligence and outlining an unsolicited, highly conditional indication of interest from Richard Schulze , former chairman of Best Buy , to acquire all of the outstanding shares of Best Buy that he does not already own for a per-share price of $24 to $26 . This has come through a public letter addressed to the Board.

Best Buy's Board of Directors will review and consider the letter in due course, consistent with its fiduciary duties, in consultation with its financial advisors, Goldman, Sachs & Co. and J.P. Morgan and its legal advisor, Simpson Thacher & Bartlett LLP . Best Buy said that its Board of Directors will evaluate this proposal carefully and will, as always, pursue the best course for its shareholders.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• Best Buy (BBY) Posts Q1 adj.-EPS of 32c; Comps Down 1.1%
• Best Buy (BBY) Numbers Raised at Jefferies Post Q1
• Saks (SKS) Could be Worth Up to $18/Share

Create E-mail Alert Related Categories

Corporate News, Mergers and Acquisitions

Related Entities

JPMorgan

Comments

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?