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:
BMTN Staff
Updated:
Mar 8, 2018
Original:
Nov 9, 2012

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.

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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.

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 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.

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.

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."

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.

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.

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