Buyout could offer big payout for Best Buy's board

Author:
Updated:
Original:

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.

Next Up

J.A. Happ

Twins sign veteran J.A. Happ to add to the rotation

The right-hander will get a one-year, $8 million deal from the Twins.

storm the capitol rally st. paul minnesota state capitol

BCA finds 'no criminal wrongdoing' among those at 'Storm the Capitol' rally

Inflammatory comments were made by speakers, but no charges will be brought.

Screen Shot 2021-01-18 at 12.27.04 PM

Man's vehicles crushed by hit-and-run driver weren't fully insured

The goal is to raise $25,000 to help the south Minneapolis resident.

Joe Biden

Key points from Joe Biden's first speech as POTUS

The 46th president called for unity at a time America is facing huge challenges.

coronavirus, covid-19

Here is Minnesota's COVID-19 update for Wednesday, January 20

The 111 ICU patients is the fewest in Minnesota since there were 109 COVID patients in intensive care on Oct. 1.

Klobuchar

Here's what Amy Klobuchar said at Joe Biden's inauguration

The Minnesota senator was one of the leader organizers of the inauguration.

covid-19, vaccine

All of this week's COVID vaccine pilot program appointments are filled

Nearly 6,000 Minnesotans who are 65 and older registered for appointments between noon Tuesday and Wednesday morning.

Lane kueng thao chauvin

Osterholm affidavit ahead of George Floyd trial warns of COVID worsening in March

Prosecutors want to delay the Chauvin trial due to a public health threat.

WCCO-AM's Sheletta Brundidge talks with Lil Nas X

830-WCCO host calls for Dave Lee's replacement to be person of color

WCCO-AM has not had a person of color as a weekday daytime host in its history.

Related