Skip to main content

Best Buy extends Schulze’s deadline, shares drop

  • Author:
  • Updated:
    Original:

Best Buy on Friday gave founder and former CEO Richard Schulze a new deadline to make an offer to take the company private. Here's the press release.

Schulze has been working with three private-equity firms to cobble together a takeover of the electronics retailer he founded more than four decades ago, sources have told Bloomberg News.

It had been reported that perhaps an offer was imminent. But now he's got until Feb. 28, the company said. The press release concludes: "There is no guarantee that Mr. Schulze will present an offer, or that such an offer would be accepted by the Board of Directors."

After the deadline-extension announcement, shares began falling, Reuters reported.

Shares of the Richfield-based retailer had fallen 40 percent this year through Thursday, Bloomberg noted.

Next Up

Screen Shot 2022-10-01 at 10.18.12 AM

3 St. Paul fast food restaurants robbed in space of an hour

The thieves struck between 7:15 p.m. and 8 p.m.

Screen Shot 2022-10-01 at 9.06.40 AM

What to do with the Kmart site? Minneapolis wants your ideas

The project will connect Nicollet Avenue south of Lake street and north of the Midtown Greenway, reestablishing a street grid.

Screen Shot 2022-10-01 at 7.53.55 AM

Crowd evacuated at end of homecoming football game in Brooklyn Park

Police blamed 'unruly teens' in the stands and some who were trying to enter the stadium.

gas

State to help 44 Minnesota gas stations add E15 pumps

The yellow 88 button is coming to more gas stations in Minnesota.

Screen Shot 2022-09-30 at 4.54.42 PM

FBI, police investigating bank robbery at Edina's 50th and France

An ATM technician was robbed by four men at a U.S. Bank.

Ethan Glynn

Paralyzed Bloomington football player begins rehabilitation in Colorado

Ethan Glynn is at a world-renowned rehabilitation hospital.

Press Bar fire

Owner of St. Cloud bar gets 6 years for arson, ordered to repay $3M

A February 2020 fire at the Press Bar and Parlor was later determined to be an insurance job.

IMG_5455

Bloomington, Richfield districts tighten security ahead of weekend football

Enhanced safety measures will be in place this weekend.

Screen Shot 2022-09-30 at 2.23.15 PM

Walz sends MN first responders to help with hurricane recovery in Florida

Eight members of the Minnesota All Hazards Incident Management Team will travel to Florida.

Related