Investor ordered to pay $21M over Best Buy insider trading deal

Alfred Teo Sr. was once one of the largest shareholders of Minnetonka-based Musicland. Teo admits he originally bought those shares based on secret information that Richfield-based Best Buy would be interested in buying them.
Author:
Publish date:
Updated on

Alfred Teo Sr. was once one of the largest shareholders of Minnetonka-based Musicland. Teo admits he originally bought those shares based on secret information that Richfield-based Best Buy would be interested in buying them.

Next Up

Related

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 sells Napster

Napster will be merged with Rhapsody -- creating the largest on-demand music service in the U.S. The Richfield-based electronics retailer will receive a minority stake in the company.

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 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 vows to improve, touts turnaround plan

Interim CEO Mike Mikan told shareholders and employees, gathered at Best Buy's annual meeting Thursday, the company is committed to changing in fundamental ways. The Richfield-based electronics retail giant plans to provide new employee training for better customer service, reduce its retail footprint and tackle trends like "showrooming" that are hurting the retailer's sales. Best Buy is also recovering from three months of internal drama, including the abrupt resignation of its founder and largest share holder Richard Schulze. He was not seen at Thursday's meeting.