Skip to main content

Schulze still trying to find Best Buy bid funding

Richard Schulze, the founder of struggling Minnesota-based electronics retailer, held a secret meeting with large bank lenders last week, in an effort to win their support for a $9 billion buyout plan, The New York Post reports.
  • Author:
  • Updated:
    Original:

Richard Schulze, the founder of struggling Minnesota-based electronics retailer, held a secret meeting with large bank lenders last week, in an effort to win their support for a $9 billion buyout plan, The New York Post reports.

Next Up

MPR

APM Reports, maker of 'In the Dark' podcast, nixed by Minnesota Public Radio

MPR said "select programming elements" of APM Reports will be incorporated into MPR News.

storm, severe

The latest on holiday weekend severe weather chances for MN

The most significant severe threats are Sunday night and again on Monday.

Arianna Vos

Charges: Driver was drunk, high in head-on crash that killed 19-year-old woman

The young woman killed in the crash was a college student studying zoology.

motorcycle

Motorcyclist killed in Ham Lake after passing in the turn lane

The motorcyclist was hit by a car turning onto the road.

Keith Ellison

Minnesota gets cut of Ford settlement over misleading ads

The $19.2 million settlement centers on Ford's C-Max hybrid and Super Duty pickup truck.

Richfield High School

Richfield High School closed for day after threat

District officials say the threat is not believed to be credible.

covid test airport

White House names MN as location for federal test-to-treat COVID sites

Minnesota is one of only five states that will host the pilot project.

Baby owl

The Raptor Center says downward trend holding for avian influenza

A "baby shower" fundraising campaign hopes to help return young raptors to the wild.

Related

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.

Key financiers support Schulze bid for Best Buy

Best Buy Co. Inc. founder Richard Schulze has recruited four big-name private equity firms – KKR & Co., Leonard Green & Partners, TPG Capital and Apollo Global Management – to help bankroll his $8.8 billion plan to buy the company, the Star Tribune reports.

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."

Best Buy gives Schulze green light to pursue buyout

Richfield-based Best Buy Co. Inc. and its founder Richard Schulze have reached an agreement that gives Schulze permission to review the company's financials and form an investment group to finalize an official takeover bid, Forbes reports. If the initial proposal is rejected, Schulze has agreed to wait until January 2013 to pursue his plan to buy the struggling electronics giant. Schulze has 60 days to present a fully financed definitive proposal to Best Buy's Board of Directors.

Best Buy bid delayed?

Richard Schulze wants more time before making an offer for Best Buy, the company that he founded. Reuters reports Schulze, who has been working on his offer for months, is expected to take a 30-day extension to mid-December before submitting his final purchase proposal to Best Buy's board. Citing sources close to Schulze, the Star Tribune reported that his bid would come next week.

High-profile hedge fund manager dumps Best Buy

David Einhorn, who leads New York-based Greenlight Capital Inc., has sold off his firm's 7.7 million shares, or 2.27 percent stake, in the Richfield-based electronics retailer. The Star Tribune reports Greenlight's losses could approach $100 million. Analysts tell the newspaper Einhorn's decision to exit could help former Best Buy chairman and founder Richard Schulze, who is exploring options for his 20 percent stake in the company, including an effort to take the company private.