Key financiers back up Schulze bid for Best Buy

Article by: THOMAS LEE , Star Tribune
Updated: August 8, 2012 - 9:49 PM

Private equity firms would help bankroll the founder's bid for Best Buy, but the company's directors haven't advanced the proposal.

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halfabubbleAug. 9, 12 6:59 AM

If the BBY board is smart (something that is questionable), they'll eventually sell to Schulze for two reasons. A) They'll never be able to get their shareholders more value than this tender offer. B) Their current management practices are driving BBY into the ground.

mom2fourAug. 9, 12 7:10 AM

Best Buy is on the skids. A Bain Capital approach is probably all that has a chance to save the retailer. With the founder of Best Buy, Richard Schulze heading up the effort with a private equity firm providing the capital, they at least have a chance. I hope they succeed.

timandtiaAug. 9, 12 7:21 AM

Schulze, please leave Best Buy alone. You had your chance before, and it is time for others to run the company.

bones2406Aug. 9, 12 8:02 AM

Find it interesting that BBY would "turn up it's nose at a bid of $24-26." And interesting that investors continue to say that it would take a bid of $30+ to make sense. Aren't these the same investors that continue to reiterate their "hold" rating and continuously bash Best Buy...isn't a 47% premium pretty good for such a "poorly managed" company?

justaxnspendAug. 9, 12 8:08 AM

I placed a 2K limit sell order @ >30.00

gjacobAug. 9, 12 8:26 AM

With the current management, Best Buy will be Radio Shack in 10 years. Status quo will not turn around the company neither will focusing on wireless (which everyone already sells), they need to find their niche in the market.

spartan227Aug. 9, 1210:22 AM

BBY- The Problem is simple. Their customer service is flat out terrible. Open less stores and completely train your sales staff on the products they are selling. With almost zero in store support, it is just easier and cheaper for the consumer to purchase equipment online.