Schulze's Plans for Best Buy
The founder of Best Buy has stepped down from his position as the Chairmen of the Board following the results of an investigation into former CEO Brian Dunn’s relationship with a co-worker. Despite being one of the largest electronics retailers in the United States, it seems that Best Buy can’t catch a break as of late. […]
Best Buy founder, chairman and director Richard Schulze resigned from the big box retailer on Thursday. The news follows the April announcement that Best Buy’s CEO Brian Dunn was stepping down following a scandal. “I continue to believe in Best Buy and its future—and care deeply about its customers, employees and shareholders,” Schulze told The Wall Street Journal. “There […]
Best Buy founder Richard Schulze is offering between $24 and $26 per share for the big-box retailer. Schulze stepped down from his position as chairman of the board earlier this year. “I have been actively exploring all available options for my ownership stake,” Schulze said. “That exploration has reinforced my belief that bold and extensive changes are needed […]
Earlier this week, we reported that Best Buy founder Richard Schulze wanted to buy the entire company for about $10 billion. Schulze wants Best Buy to succeed moving forward, but fears it’s on a rapid descent to nothingness. It actually is, too. The stock price has tanked from a 52-week high of $28.53 and the […]
It was reported back in Oct. that Schulze had begun his due diligence process on Best Buy’s financial records, and under the original agreement he would have 60 days to submit a bid. Reuters is reporting that the Board of Directors has now said he can submit his bid any time during Feb. 2013 so that he will be able to view the entire year’s financial results, including the all important holiday season. Once the bid is submitted, the Board will have 30 days to review it and give its decision.
While the official announcement is that this delay is due to wanting to allow Schulze to view more records, some analysts are a bit more suspicious. “Obviously with the extension, there is still some hesitation on the part of his private equity suitors about how much financing they would want to put up for this deal,” Morningstar analyst R J Hottovy told Reuters.
Under the original agreement, should Schulze’s bid be rejected he would have had a second window at the end of Jan. 2013 to submit a bid, and should that one have failed, he would have had to wait a year to submit another. There is no word as of yet what the plans are if the Board passes on this Feb. 2013 bid.
Schulze founded Best Buy in 1966, and servered on the Board of Directors for many years until protege, Brian Dunn, was ousted in a scandal involving a female subordinate. Since that time Schulze has been attempting to find a way to take back