Best Buy Buyout Talks Still On
Even with a new CEO on the way, the Best Buy Co. Inc. (NYSE: BBY) board continues to hedge bets about the firm's future. Founder Richard Schulze, who was recently thrown out as chairman, apparently wants to continue his pursuit of a buyout. He already has made an offer to consider a transaction, but wants a look at the company's books. Schulze and the board have been unable to come to an agreement about how that could be done. But, according to Bloomberg:
Best Buy Co. has resumed talks with founder Richard Schulze about an agreement that would allow him to conduct due diligence in his effort to acquire the company, said two people with knowledge of the matter.
A buyout would almost certainly mean new chief executive Hubert Joly will lose his job. But his pay package ensures he would take early retirement with millions of dollars in severance.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, Mergers & Acquisitions Tagged: BBY