Skip to main content

Best Buy gives Schulze until end of October to nominate board members

  • Author:
  • Updated:

Richfield-based electronics retailer Best Buy Co. Inc. said in a disclosure Friday that founder Richard Schulze has until Oct. 31 to submit his board member nominations to the company's board of directors, the Star Tribune reports.

Word of the deadline comes just over two weeks after Schulze failed to submit a bid to reacquire the company.

Schulze's agreement with Best Buy entitles him to two board seats since he has a 20 percent stake in the company. According to the Star Tribune, Schulze can put forth three candidates, including himself, and Best Buy must select two of them.

Even though the company recently changed its bylaws to allow shareholders to nominate directors between Feb. 15 and March 15, Schulze is being allowed more time, a company spokeswoman said.

After Schulze failed to make a bid to buy the company at the end of February, he had indicated in regulatory filing that he had not decided whether to fill his board seats, the Star Tribune says.

Schulze started the company that eventually became Best Buy in 1966 with a music store in St. Paul.

Schulze, who now lives in Florida, recently made Forbes' list of billionaires with a net worth of $1.45 billion.

Next Up

police lights

Las Vegas man identified as victim killed near 38th and Chicago

The 25-year-old died at the scene Sunday afternoon.


Beloved Eagan Dairy Queen says goodbye

A summer staple has shuttered in Eagan.

Screen Shot 2022-08-16 at 3.44.22 PM (2)

Bridge damage closes westbound Hwy. 62 between Richfield, Edina

The Minnesota Department of Transportation said bridge maintenance work is in progress.

Michael Miller

Charges: Drunk driver killed former chair of Hibbing Chamber of Commerce

Michael Miller's blood-alcohol content was nearly three times the legal limit at the time of the crash.

Mystic Lake

Charges: Man attacked Mystic Lake security with 2x4

A chaotic scene unfolded after the man approached the bell stand late Friday.


SWAT presence in Eagan neighborhood Tuesday morning

There's a developing story out of Eagan.


Schulze looks to oust Best Buy board members as negotiations resume

Best Buy founder Richard Schulze is reportedly looking to remove company board members who are fighting his attempt to purchase the struggling retailer. At the same time, Best Buy has resumed talks with Schulze about giving him access to their books as he and his fellow investors pursue their takeover bid.

Schulze commited to Best Buy takeover

More than a week after he went public with his bid to take the Richfield-based electronics giant private, co-founder Richard Schulze sent a letter to the Best Buy Board of Directors requesting permission to form a group and conduct basic due diligence so that he can present a fully financed offer for the company. Schulze wrote, "you should know that I am not going away."

Best Buy gives Schulze green light to pursue buyout

Richfield-based Best Buy Co. Inc. and its founder Richard Schulze have reached an agreement that gives Schulze permission to review the company's financials and form an investment group to finalize an official takeover bid, Forbes reports. If the initial proposal is rejected, Schulze has agreed to wait until January 2013 to pursue his plan to buy the struggling electronics giant. Schulze has 60 days to present a fully financed definitive proposal to Best Buy's Board of Directors.

Schulze to interview key Best Buy executives

Despite some opposition from board members, Best Buy CEO Hubert Joly has agreed to let company founder Richard Schulze and his team of potential investors to interview eight to 10 key executives, the Star Tribune reports. Schulze, Best Buy's largest shareholder, has until mid-November to make a buyout offer to take the struggling Richfield-based electronics retailer private. He is under a 60-day deadline to present a proposal to the company’s Board of Directors.

Key financiers support Schulze bid for Best Buy

Best Buy Co. Inc. founder Richard Schulze has recruited four big-name private equity firms – KKR & Co., Leonard Green & Partners, TPG Capital and Apollo Global Management – to help bankroll his $8.8 billion plan to buy the company, the Star Tribune reports.