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Best Buy, Founder End Investment Talks
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…
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Best Buy’s Holiday Sales Beat Expectations
The retailer’s stock is up 5% pre-market after it disclosed that sales in the nine weeks ending January 5 fell just 0.4% vs the same period last year to $12.8B. Revenues at stores open at least a year were down 1.4% beating forecasts for a 2% drop, and all of the decline came from overseas. Domestic store sales were…
Best Buy Shares Fall After Founder Delays Possible Bid
Richard Schulze wants to see Best Buy‘s holiday-season sales performance before he and his backers decide how to handle their potential bid for the consumer electronics chain. He and the company said today that they’ve extended the agreement from August that enables Schulze to see confidential company information: He…
Best Buy Shares Soar On Report That Founder Is Preparing $6B Takeover Offer
The stock is up about 15% this morning after the Minneapolis-based company’s home town paper, the Star Tribune, reported that founder Richard Schulze will make “a fully financed offer” of as much as $6B for Best Buy “by the end of the week, possibly on Friday.” The potential offer contrasts with the $8.8B proposal Schu…
Best Buy Reaches Agreement With Founder Richard Schulze, Allows Pursuit Of Buyout
The agreement announced today clears the way for Richard Schulze to move forward with his plan to buy the consumer electronics chain and sent Best Buy shares up more than 7 percent to $18.55 in morning trading. Best Buy says the agreement will allow Schulze to get access to confidential financial statements and allow…
Best Buy Suspends 2013 Forecasts Amid Sharp Q2 Income Decline
Best Buy reported second quarter earnings Tuesday morning with net income down 91% to $12M, widely falling short of Wall Street estimates. Revenues were $10.55B, down 3% on the same period a year ago as bricks & mortar sales continue to decline. The news was met with a share price drop of 9% in pre-market trading for…
UPDATE: Best Buy Names Hubert Joly President And CEO
2ND UPDATE, 5:53AM: Best Buy has officially announced the appointment of turnaround expert Hubert Joly as president and CEO, replacing interim CEO G. Mike Mikan. In a statement this morning, Best Buy board chairman, Hatim Tyabji, said: "Hubert's range and depth of experience in transforming companies is exactly what…
Best Buy Founder Urges Board To Let Him Proceed With Acquisition Plan
Richard Schulze made the plea in a letter he sent today to the board. It seems to be part of a PR campaign to rally shareholder support for his effort to take the consumer electronics chain private — in the hope that investors will pressure the board to cooperate with him. “I am deeply concerned about the direction of…
Wall Street Remains Skeptical About Best Buy Founder's Takeover Offer
The stock price tells the basic story. If investors believed that Best Buy founder Richard Schulze was likely to succeed with the plan he unveiled yesterday then the company’s shares would be trading close to his proposed offer of as much as $26 a share. Instead they’ve settled in at about $19.90. One reason for the…
Best Buy Shares Soar After Founder Offers $8.8B To Buy It
The company’s stock is up about 19% to around $21 in early trading following the disclosure of the offer from Richard Schulze. In a letter today to board Chairman Hatim Tyabji, Schulze said that his adviser, Credit Suisse, is “highly confident that it can arrange the necessary debt financing” to pay as much as $26 a…
Best Buy Founder Richard Schulze Ditches Face-Saving Plan And Resigns From Board
There has to be a fascinating back story to the Best Buy soap opera. In the latest twist, Best Buy says that company founder Richard Schulze told directors this morning that he would “resign from the board, including the chairmanship, effective immediately.” The head of the board’s Audit Committee, Hatim Tyabji, was…
Best Buy Founder Gives Up Chairman Role After Mishandling Former CEO's Affair
Richard Schulze will remain on the board to the end of his term next year but will just have an honorary title at the consumer electronics retail chain after the board’s Audit Committee said in a report that he helped to cover up former CEO Brian Dunn’s “inappropriate relationship” with a female employee. That’s a big…
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