Skip to main content

Schulze group may abandon Best Buy takeover, settle for minority share

  • Author:
  • Updated:
    Original:

Best Buy founder Richard Schulze may be considering giving up on his long-awaited move to buy the electronics retailer and take it private.

According to a Wall Street Journal story, Schulze and the investors he's recruited are thinking of giving up their takeover bid and instead purchasing a minority share of Best Buy. Unidentified sources tell the Journal Schulze's group is having trouble finding banks willing to finance the deal.

Best Buy's board has already given Schulze an extension of his timeframe to pull together a deal. The new deadline arrives at the end of this month.

Best Buy's stock price was boosted recently, after the company reported holiday sales figures that beat Wall Street expectations.

Next Up

ambulance

Man dies after being 'punched in the head' during altercation in Duluth

A 46-year-old man is in custody and facing 1st-degree manslaughter charges.

Deion Sanders

Deion Sanders says Zimmer, Spielman hadn't spoken 'in months'

Sanders' comments revealed some of the Vikings' issues last season.

police tape, crime scene

Brooklyn Park man pleads guilty in 2020 fatal drive-by shooting

Devon Manley will be sentenced to life in prison with the possibility of parole after 30 years.

Screen Shot 2020-06-16 at 7.48.35 AM

Man gets 10 years for fatal pawn shop fire during Minneapolis riots

The incident, which took place during riots in May 2020,  resulted in one man's death.

Rep. Ilhan Omar

Election officials dismiss conservative group's complaint against Rep. Ilhan Omar

The group alleged that she used campaign funds on her future husband's consulting firm.

Screen Shot 2022-01-15 at 9.53.04 AM

Reports: 6 names surface in Vikings' search for new head coach

Six names have surfaced Saturday in the Minnesota Vikings' hunt for a new head coach.

Pexels - face mask covid holding

Minnetonka approves mask mandate in emergency ordinance

The mandate officially goes into effect Monday night.

snow, measuring snow, snow totals

Here are the snow totals from Friday's winter storm in Minnesota

There was a sharp gradient around the Twin Cities, with the highest amounts in southwestern Minnesota.

Mats Zuccarello

Zuccarello scores twice, Wild win third straight

A team effort helped Minnesota dispatch the Ducks.

Rep. Tou Xiong

State lawmaker Tou Xiong apologizes after driving under the influence

The state representative was pulled over on the night of Jan. 8.

St Lukes Duluth GSV Pro

Duluth hospital requiring visitors to show vax proof, neg. test

The health care system is also tightening visitor guidelines.

ridgeview urgent care facebook

Ridgeview halting urgent care at a Twin Cities site 'until further notice'

The organization cited "growing emergency medical needs" at the facility.

Related

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."