Best Buy founder, CEO, former executives to meet


Best Buy's founder Richard Schulze plans to meet with the company's Chief Executive Officer Hubert Joly this week in the Twin Cities, the Star Tribune reports. "Dick is our biggest shareholder, and Hubert is the CEO," Matt Furman, Best Buy's senior vice president of public affairs, told the newspaper. "It's not at all surprising that they would meet from time to time, just as they have in the past and just as they will certainly do in the future."

Schulze is in the midst of preparing his bid to take the consumer electronics retailer he started private. The newspaper says two former Best Buy executives Brad Anderson and Al Lenzmeiers -- who are part of Schulze's buyout team -- are also expected to attend the meeting.

The Star Tribune also cites a source who says Schulze has delayed his initial offer until the middle of December to see how holiday sales impact the company's stock price. This summer he indicated the bid would be between $24 and $26 a share, however, Best Buy shares closed at $13.75 on Friday -- down from $20 a share in August.

The New York Post reports the struggling Richfield-based retailer is willing to consider a lower bid from Schulze.

Joly, a former restaurant-and-hotel exec who was named Best Buy's new CEO in August. Last week, he met with Wall Street investors and highlighted his priorities to revive declining sales.

Best Buy reports its third-quarter results on Tuesday. Last month, the company gave a dismal preview of those figures.

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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.