Best Buy (BBY) Moves to Highs As Market Feels Bid-Talk is "Real"

June 28, 2012 1:14 PM EDT
Best Buy (NYSE: BBY) is moving to the highs of the session as the take-private talk continues to grow and become more "real."

While many have discounted talk that founder and former-Chairman Richard Schulze could successfully pull off a multi-billion takeover of the embattled electronics retailer, rumors today suggest a bid in the mid-$20s could materialize. He is said to be working with Credit Suisse.

Even if a ligitimant bid is put together, with reports suggesting shareholders would hold out for $11 billion, it could be all for not.

Shares of BBY are up 4 percent to $20.58.

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