Not even a month after we asked about who will fill the void if Best Buy disappears, there is news of a buy out. According to TWICE, Dick Shulze, founder and former chairman of Best Buy, is offering to buy all of the outstanding shares of the company that he doesn't already own. He is reportedly offering a price of $24 to $26 per share - in cash.
Additional Resources
• Read more industry trade news from HomeTheaterReview.com.
• See more news on troubles facing Best Buy.
• Explore the related news of Vann's bankruptcy filing.
Currently, Schulze is the largest shareholder in the company with 20.1 percent of the shares. He claims to have created a new business plan that can address the many challenges facing Best Buy. He's discussed the process with private equity firms and his financial advisor, Credit Suisse. According to these discussions, Credit Suisse believes the institution can provide the debt financing.
Schulze is even reaching out to former executives Brad Anderson and Allen Lenzmeier, seeing if they are interested in returning to the company.
So it is a buy out, but an internal one, and one that could set the company back on the right track. That is assuming this buy out even works. Then there is the question of what exactly Schulze plans to do to save Best Buy. There are still a lot of questions about this how process. We'll have to wait and see how everything pans out.
Additional Resources
• Read more industry trade news from HomeTheaterReview.com.
• See more news on troubles facing Best Buy.
• Explore the related news of Vann's bankruptcy filing.
