Best Buy and founder Richard Schulze have ended talks whereby he and private equity investors were seeking three board seats in exchange for acquiring a minority stake in the consumer electronics giant, Bloomberg reported. Schulze wasn’t able to line up debt and equity financing, according to sources cited by the news service. Schulze’s attempt to arrange a smaller deal with Cerberus Capital Management, TPG Capital and Leonard Green & Partners also ended. Hopes a deal might be achieved had risen earlier this year after Best Buy posted better-than-expected holiday sales. With a stake of about 20% Schulze is the company’s biggest shareholder and had sought since last year to take over the company he founded more than 40 years ago. He resigned as chairman in June and new CEO Hubert Joly has since stabilized sales, closing some stores and improving e-commerce operations. Schulze might still come up with a last-ditch proposal but it seems unlikely. Best Buy reports Q4 earnings Friday.
Best Buy, Founder End Investment Talks
What's Hot on Deadline
'Star Trek' TV Reboot Title & Teaser Unveiled At Comic-Con; New Series "Won't Be Episodic", Bryan Fuller Says
Sable Ranch, Popular Film & TV Location, Destroyed By Wildfire; Disney's Golden Oak Ranch "OK", LAFD Says - Update
DNC Gavels In Calmly As Talk Swirls Of Bernie Sanders' Name Being Put In Nomination; Ohio Rep. Named Convention Chair
Sly Stallone Confirmed, Star Lord's Parents' Sex Life Discussed In Hilarious 'Guardians Of The Galaxy 2' Trailer - Comic-Con
Cristina Ferrare Out, Replaced By Debbie Matenopoulos As Co-Host Of Hallmark Channel's 'Home & Family'
Latest Film News
- Hollywood Has Collected More Than $860M In Foreign Levies
- ‘Star Trek Beyond’ Launches To $59M; ‘Lights Out’ Electrifies; ‘Ice Age’ Tepid; ‘Ghostbusters’ No Cinderella Story – Box…
- ‘Soul On Bikes’ About African-American Biker Gang Picked Up For Film Adaptation
- Eddie Redmayne Joins Morten Tyldum In Black Bear’s ‘The Last Days Of Night’
- Jackie Chan-Starring ‘Skiptrace’ Bows Big In China With $62M+ Debut
- Brad Turell Exiting Paradigm To Launch Media Consulting Startup