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.
Author:
Updated:
Original:

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.

The Business Journal notes shares of the struggling Richfield-based consumer electronics chain have dropped 16 percent since mid-October to under $15, which could make Schulze's quest a whole lot cheaper.

Schulze, Best Buy’s largest shareholder, has until mid-November to present a proposal to the company’s Board of Directors.

Last month, Best Buy gave a dismal preview of its third-quarter figures and announced two more top executives are exiting the retailer.

Next Up

protest, chauvin, george floyd

Walz: Demobilization of troops, police to happen 'as quickly as possible'

It's unclear just when troops and police will pull out of the Twin Cities.

Screen Shot 2021-04-20 at 5.33.13 PM

'The first step towards justice': AG Ellison calls for change after Chauvin conviction

Ellison's office led the prosecution of the former Minneapolis police officer.

chauvin

Derek Chauvin guilty on all counts in George Floyd's death

Chauvin was charged with second-degree murder, third-degree murder and second-degree manslaughter.

Screen Shot 2021-04-20 at 4.13.07 PM

LIVE UPDATES: Reaction as Derek Chauvin is found guilty on all counts

We bring you the latest reaction after the verdict in the Derek Chauvin trial.

Derek Chauvin

Watch live: Verdict in Derek Chauvin murder trial

The verdict will be announced between 3:30 p.m. and 4 p.m. Tuesday, April 20.

derek chauvin court - closing arguments

Verdict reached in Derek Chauvin murder trial

A verdict will be read Tuesday afternoon.

logan olson gofundme

18-month-old boy who nearly drowned welcomed home with police escort

Logan Olson was found in a retention pond in Stewartville on April 7.

covid, vaccine

Is Minnesota's latest surge plateauing? Expert says 'no idea'

Hospital admissions have leveled off in the past week, though ICU cases have risen.

Related

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.

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.

Best Buy cancels investors meeting in NYC after East Coast storm

Best Buy CEO Hubert Joly will not be outlining his turnaround strategy with investors on Thursday in New York, Reuters reports. The Richfield-based consumer electronics retailer has canceled the meeting with Wall Street analysts while the East Coast recovers from Hurricane Sandy. A new date for the meeting has not been set.

Best Buy CEO presents vision to analysts, investors in New York City

Best Buy's new Chief Executive Officer Hubert Joly outlined his five-point strategy, called "Renew Blue," to turn around the Richfield-based consumer electronics chain before he met with Wall Street investors in New York Tuesday afternoon, the Business Journal reports.

Best Buy founder explores potential buyout options

Richard Schulze is reportedly talking with banks and looking for potential buyout partners as he considers taking the beleaguered Richfield-based electronics retailer private, Bloomberg reports. Schuzle is Best Buy's largest shareholder -- controlling 20.1 percent of the company's stock. The 71-year-old abruptly step down as chairman of the board earlier this month to explore his options.

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.

Best Buy CEO: 'Showrooming is one of the greatest falsehoods'

Best Buy's new top executive, Hubert Joly, tells the Star Tribune that he's "not a big fan of shrinking the company." He wants the Richfield-based electronics giant to maximize sales with its existing stores. One analyst was also a bit puzzled by Joly's comments about "showrooming." "I don't think he's right. I think there's plenty of evidence of people doing that," said Laura Kennedy.

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."