Buyout could offer big payout for Best Buy's board

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Shareholders are still waiting to see if Best Buy founder Richard Schulze will present an offer to take the electronics giant private. The Star Tribune reports, the Richfield-based company's CEO Hubert Joly and board of directors stand to gain the most from a potential deal.

Joly, who joined the retailer last September as CEO and a director, holds roughly 433,000 shares of company stock. If Schulze were to offer $18 a share, Joly's stake could be worth nearly $8 million. The newspaper notes ten current and former directors also stand to fetch big money.

Mike Mikan, the company's former interim chief executive officer, would be paid more than $3 million for his 174,000 shares. He left the board of directors on Dec. 26, to accept the position of president with Greenwhich, Conn.-based ESL investments Inc.

Schuzle has been working with private-equity firms to prepare a takeover bid. Last month, Best Buy agreed to extend the buyout deadline to Feb. 28, but the company said, “There is no guarantee that Mr. Schulze will present an offer, or that such an offer would be accepted by the Board of Directors.”

Last week, Best Buy reported a 1.4 percent decline in same-store sales over the crucial nine-week period that ended Jan. 5, while online sales increased 10 percent.

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