, Richard Schulze declines Best Buy offer
Negotiations between Best Buy Co. Inc. and its founder Richard Schulze on taking the company private were terminated as Schulze rejected due diligence deal, according to Best Buy’s officials.As it has been stated by Best Buy’s officials, the company had shown “great flexibility” as it gave Richard Schulze 60 days to prepare a deal for the company and at the same time the opportunity to propose a buyout offer directly to shareholders from the beginning of 2013, the end of Christmas shopping season, if the board rejects his offer. According to a Best Buy’s statement, Richard Schulze did reject the company offer.
, Richard Schulze wants to buy out Best Buy
Richard Schulze, the co- founder of Best Buy Co. (BBY), has offered to buy the company and this way make it private. It would be the fourth-largest U.S. retail takeover it the history. Richard Schulze remains the electronics chain’s main investor. He has sent letter to the board with a purchase proposal of $24 to $26 a share, thus he valued the company at $9.5 billion including net debt.
