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Best Buy founder offers to buy company, take it private
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Best Buy founder offers to buy company, take it private

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Best Buy founder offers to buy company, take it private

Best Buy’s founder said Monday that he wants to take the electronics retailer private by buying up all of its shares he doesn’t already own in a deal that values the company at as much as $8.84 billion.

The news sent Best Buy shares up 24 percent in premarket trading.

Richard Schulze also served as the Minneapolis-based company’s chairman until resigning in June amid a scandal involving its CEO. Schulze said he wants to pay between $24 and $26 per share for Best Buy, which represents a 36 percent to 47 percent premium over the company’s Friday closing stock price.

Best Buy founder offers to buy company, take it private - Chicago Sun-Times

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If you plan to buy back the stock in your own company, you do NOT announce it ahead of time, because as shown above the stock price skyrockets, making your repurchase more costly. So I expect that the real plan is to let the announcement run up the price of Best Buy stock, then DUMP shares for a fast buck...Just my thoughts on this!!!!

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