Skip to main content

Schulze group may abandon Best Buy takeover, settle for minority share

  • Author:
  • Updated:
    Original:

Best Buy founder Richard Schulze may be considering giving up on his long-awaited move to buy the electronics retailer and take it private.

According to a Wall Street Journal story, Schulze and the investors he's recruited are thinking of giving up their takeover bid and instead purchasing a minority share of Best Buy. Unidentified sources tell the Journal Schulze's group is having trouble finding banks willing to finance the deal.

Best Buy's board has already given Schulze an extension of his timeframe to pull together a deal. The new deadline arrives at the end of this month.

Best Buy's stock price was boosted recently, after the company reported holiday sales figures that beat Wall Street expectations.

Next Up

ambulance

Triple-fatal crash involving car full of Missourians in Minnesota

Four people from Missouri were in a vehicle that collided with a semi.

Screen Shot 2022-08-03 at 7.58.19 AM

Teen charged with murder of 15-year-old at light rail station

The victim died from a gunshot wound to the chest following the shooting Tuesday.

Depressaria depressana

Invasive moth flying around Minnesota for first time

The little bugger was confirmed in Wisconsin in 2018 and Iowa in 2020.

Screen Shot 2022-08-04 at 4.49.39 PM

Police update MOA shooting: Search for 2 suspects ongoing

Three shots were fired at the Nike store inside the Mall of America.

covid

Minnesota's COVID-19 update for the week ending Tuesday, August 2

Hospitalizations increased nearly 20% from July 26 to August 2.

Screen Shot 2022-08-04 at 1.22.41 PM

Deaths of 2,500 fish in Minnesota trout stream unexplained

Trout anglers are concerned the incident represents a larger problem.

Becker School Board members listen to a community member during a meeting held on Aug. 1, 2022.

Becker School Board under fire for second time in 2022

Many community members have urged the board to not pass the proposed policy.

ambulance

9-year-old girl injured in St. Cloud hit-and-run

The girl was taken to St. Cloud Hospital for care.

Edeburn family

Death of Ramsey County deputy hits hard at Edina High School

Jes Edeburn is an English teacher at Edina High School.

Related

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."