Best Buy Inc.’s founder and largest shareholder, Richard Schulze, plans to sell off an unspecified portion of his 20% stock holdings in the chain, according to a filing with the Securities and Exchange Commission.
A report by the Minneapolis Star Tribune said that Best Buy Co. founder Richard Schulze is expected to make a fully financed offer of $5 billion to $6 billion by the end of the week to buy the retailer.
Best Buy Co. announced that it has agreed to let founder and former chairman Richard Schulze conduct due diligence and form an investment group with private equity sponsors as he tries to take the retailer private.
A report by Bloomberg, citing unnamed sources, said that Best Buy Co. has rekindled its talks with co-founder Richard Schulze about an agreement that would allow Schulze to launch due-diligence efforts toward his proposed acquisition of the company.
Best Buy Co. co-founder Richard Schulze said that he is staying the course on his plan to acquire the company and take it private, adding that he has heard from a lineup of private equity firms prepared to make "significant commitments."
With recent reports indicating Best Buy Founder and former Chairman Richard Schulze is not expected to present a buyout option to the board in the immediate future, some of the buzz about the iconic electronics retailer has died down.
Best Buy’s founder and former chairman Richard Schulze is not expected to present a buyout or other proposal to the company's board anytime soon, Reuters reported, citing a person familiar to the situation.
A just-released report from the Wall Street Journal said that Best Buy founder Richard Schulze, who resigned his chairman of the board seat earlier this month, may be looking into buying out the company.
Best Buy Co. announced that founder Richard Schulze would step down as chairman after an independent board investigation found that he had failed to report allegations of personal misconduct by former CEO Brian Dunn to the board's audit committee.