Schulze's Best Buy Buyout Deadline Passes

The electronics retailer says it has not received a buyout offer from its founder.

Eric Volkman
Eric Volkman
Mar 1, 2013 at 3:26PM
Consumer Goods

Best Buy (NYSE:BBY) did not receive a qualified buyout offer from founder and key shareholder Richard Schulze by the Feb. 28 deadline, the company announced today.

In its 47-word press release, Best Buy said it "will continue to focus on its transformation for the benefit of all of its stakeholders."

An SEC filing today by Schulze states that "over the course of the past several months, Mr. Schulze facilitated various offers that would have resulted in the investment of new equity into the Company by up to three leading private equity firms. ... In the end, the Company determined not to accept the terms offered by the private equity investors for their investment. Mr. Schulze believes, however, that the Company deserves a chance to implement its own plan. No one is more interested in the success of the Company than Mr. Schulze."