Best Buy Buyout Talks Still On

Before you go, we thought you'd like these...
Before you go close icon

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
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

19 of the Creepiest, Most Inexplicable Things People Ever Experienced 19 of the Creepiest, Most Inexplicable Things People Ever Experienced
Man Built This Contraption In His Backyard - And Even He Was Surprised How Well It Worked Man Built This Contraption In His Backyard - And Even He Was Surprised How Well It Worked
This Elephant Was Separated From Her Mother As A Baby - But She's About To Get A Huge This Elephant Was Separated From Her Mother As A Baby - But She's About To Get A Huge