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.