Best Buy bid delayed?

Richard Schulze wants more time before making an offer for Best Buy, the company that he founded. Reuters reports Schulze, who has been working on his offer for months, is expected to take a 30-day extension to mid-December before submitting his final purchase proposal to Best Buy's board. Citing sources close to Schulze, the Star Tribune reported that his bid would come next week.
Author:
Updated:
Original:

Richard Schulze wants more time before making an offer for Best Buy, the company that he founded.
Reuters reports Schulze, who has been working on his offer for months, is expected to take a 30-day extension to mid-December before submitting his final purchase proposal to Best Buy's board. The extension would allow interested parties time to evaluate how the electronics retailer is faring during the critical holiday season.

Citing sources close to Schulze, the Star Tribune reported that his bid would come next week.

The exclusive Reuters report indicates Schulze's offer may come in at around $8 billion.

The Business Journal notes Best Buy's stock price is lower than it was when Schulze said he wanted to make a bid for the consumer electronics company. He previously hinted a deal could be between $8.16 billion and $8.84 billion.

The stock price for Best Buy has dropped as the company has struggled.

The Star Tribune reported the plummeting stock prices may make it a less costly proposition for Schulze.

Best Buy hired Hubert Joly as its CEO to come up with its own restructuring plan. Joly will meet investors in New York on Tuesday to unveil his turnaround strategy.

Next Up

124906958_401361401236047_6293747214536025849_o

Pandemic pushes need for cybersecurity and I.T. professionals to forefront

University of Wisconsin-Superior is helping meet demand with online master’s programs

Screen Shot 2020-12-03 at 5.01.58 PM

Body found floating in Minnesota River in Shakopee

Efforts to identify the deceased are underway.

Hennepin County Government Center

Judge finds suspect guilty in 1991 murder of young Minneapolis woman

A 58-year-old man from South St. Paul, who was 29 at the time, has been found guilty of stabbing a 20-year-old woman

northfield community education center

Northfield school fires employee who allegedly gave melatonin to infant

It's against district policies to give a child anything without a parents' permission.

state hockey tournament, mshsl

MSHSL approves 3 calendars to start winter sports as soon as Dec. 21

The start date will depend on whether the state shutdown is lifted.

hydrocodon-DEA

Drug overdose deaths up 31% in the first half of 2020

Overdose deaths started to increase sharply in March, which coincides with the state-ordered lockdown for the COVID-19 pandemic.

los ocampos

Video: Vehicle crashes into St. Paul restaurant

The fire department is on scene addressing a gas leak.

covid-19, coronavirus

Latest county infection rates are sky-high throughout Minnesota

Kandiyohi County is one of the hardest hit counties in the state.

Jenna Fish

Family's warning after teen's tragic death from CO poisoning at Thanksgiving

A 17-year-old girl from Delano died after Thanksgiving due to carbon monoxide poisoning.

Plainview

More than $12K donated to MN gym owner who refused to close

The small business is located in town in Wabasha County.

radio station, microphone

MPR, The Current launch new weekly segment called 'The Warming House'

The program will feature feel-good entertainment amid the pandemic.

Related

Report: Buyout bid for Best Buy could come as soon as next week

Best Buy founder Richard Schulze will likely make an initial offer to take the company private next week, the Star Tribune reports. That's after CEO Hubert Joly is expected to present his strategy to investors in New York. Joly had to postpone the meeting with Wall Street analysts after the destruction of Hurricane Sandy.

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.

Best Buy founder offers $26 a share to buy retailer

Best Buy Co. founder Richard Schulze, who stepped down as chairman this year, has offered to take the electronics retailer private at $24 to $26 a share, Bloomberg reports. Credit Suisse Group AG, Schulze’s financial adviser, is confident it can obtain financing for an offer, according to a letter sent to the board Monday. “I have been actively exploring all available options for my ownership stake,” Schulze, 71, said in the letter. Best Buy shares surged as much as 34 percent in early trading.

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 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.