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Best Buy Founder Richard Schulze Delays Bid – Stocks Continue to Drop
Tags: Best Buy, Richard Schulze, Industry Trends (all tags)
Waiting until after the holiday season will allow for a better fiscal analysis and will benefit stockholders, according to Best Buy.
Best Buy has been floundering in recent years, and the company's founder is taking it upon himself to put the company back in the right direction. He intends to make an offer on Best Buy that would put him back at the helm and make the company private again – no shareholders involved.
At this point it seems very likely that a deal will go through, especially with Best Buy now allowing more time for Schulze more time to gather funds and submit his bid. While the company says that there are no guarantees that a bid will be accepted or even offered, there's no doubt of Schulze's interest.
The big question now is how long he'll wait. If shares of the company continue to drop, so will the price to Schulze.
Source: Home Media Magazine