Breaking: Best Buy’s founder and former chairman offers to buy the company for $24 to $26 a share. Shares rise 2… on.wsj.com/MinGt8
— Wall Street Journal (@WSJ) August 6, 2012
Yesterday morning, Wall Street Journal announced founder Richard Schulze offered to take Best Buy private in a deal valued at $8.8 billion. Schulze is the largest shareholder, and he would acquire all the remaining stocks.
Analysts’ reaction to the bid to buy Best Buy from company’s former chairman was this: Not going to happen. bit.ly/P2903X
— CNNMoney.com (@CNNMoney) August 7, 2012
Steve Gandel of CNN Money says the deal is intriguing, but the chances of anyone lending Schulze that kind of money is far-fetched.
Best Buy made $376 million from sales of snacks and beverages at its stores in2011
#FastFact$BBY— Bloomberg TV(@BloombergTV) August 7, 2012
Here’s an interesting fact: Those coolers and candy racks near the checkout stations seem to be paying off for Best Buy.
Best Buy’s Best Days Are Probably Over bit.ly/RtROoR
— U.S.News&WorldReport (@usnews) August 7, 2012
U.S.News & World Report chief business corespondent Rick Newman says “some on Wall Street think Schulze is bluffing, with his offer reflecting a sense of desperation over how to right the struggling retailer.”
Best Buy: Founder Richard Schulze Helped Ruin The Company bit.ly/RWCL31
— 24/7 Wall St. (@247WallSt) August 7, 2012
“What Best Buy did over nearly a decade was nearly undone in just over two years,” wrote Douglas A. McIntyre. “For the reasons he gets credit, Schulze also gets the blame.”
NASA is staffed by Best Buy employees? twitpic.com/ag2g8o
— Andrew Kaczynski (@BuzzFeedAndrew) August 6, 2012
Then there’s the case of mistaken identity… did Best Buy employees really land NASA rover Curiosity on Mars?