Best Buy founder drops plans for buyout

Dan Graziano
BGR News

Best Buy Buyout Talks
Best Buy Buyout Talks

Best Buy (BBY) on Friday announced that it did not receive an offer from founder Richard Schulze for a proposed buyout. Schulze originally planned to take Best Buy private for $24 to $26 a share last August, however he failed to secure financing and make a bid for the retail giant prior to the February 28th deadline. Talks between the two parties reportedly ended after Schulze and his private-equity investors sought three board seats in exchange for acquiring a minority stake in the company, according to Bloomberg. Best Buy will now continue to focus “on its transformation for the benefit of all of its stakeholders.”

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