Founder Schulze May Delay, Adjust Bid for Best Buy (BBY)
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What Does Best Buy (BBY) CFO Pick Say about Rumored Buy-out?
November 12, 2012 10:33 AM ESTToday we learned that Best Buy (NYSE: BBY) tagged former Williams-Sonoma (NYSE: WSM) employee Sharon McCullam as Chief Financial Officer. Deutsche Bank analyst Mike Baker said this is a "great fundamental move for BBY as she... More
Schulze, 4 Private Equity Firms Mull $11 Billion Bid for Best Buy (BBY)
October 3, 2012 7:05 AM EDTEmbattled big-box retailer Best Buy (NYSE: BBY) is back in the news today thanks to renewed reports that founder Richard Schulze and a number of private equity firms... More
Best Buy (BBY) Grants Schulze Non-Exclusive Due Dilligence Info Rights
August 27, 2012 9:14 AM EDTBest Buy Co., Inc. (NYSE: BBY) and founder Richard Schulze announced that they have reached an agreement under which Mr. Schulze will be granted access to certain due diligence information and permission to form an investment group with private equity sponsors in furtherance of making a fully financed proposal to acquire the Company.
Best Buy stated that the agreement establishes a non-exclusive, orderly process which satisfies the requests made by Mr. Schulze, while at the same time protecting the interests of all shareholders.
Mr. Schulze stated that he was pleased that... More
Richard Schulze Seeks to Take Best Buy (BBY) Private at $24-$26/Share
August 6, 2012 8:36 AM EDTBest Buy (NYSE: BBY) founder Richard Schulze is prepared to make a takeover offer for the struggling electronics retailer that if successful would make shareholders very happy.
The former Chairman is planning to take the company private at $24-$26 per share.
Credit Suisse Group AG is acting as an advisor to Mr. Schulze and is confident it can obtain financing for an offer. The rest of the money will come from what the letter calls "premier private-equity firms with deep experience in retail who are interested in a possible acquisition of Best Buy" and debt.
Schulze is Best Buy's largest shareholder, controlling 20.1% of Best Buy shares.
Schulze said, "There is no question that now is the moment of truth for Best Buy... More
