Best Buy hasn’t had the best of years in all honesty; the combination of losing their CEO and closing stores as well as the failure of their partnership with Carphone Warehouse affected the company, who were also hit by the global recession.
Best Buy founder Richard Schulze is planning to take the company private according to the Wall Street Journal, which could prove to be a shrewd move given the company’s falling share price.
Schulze is Best Buy’s largest independent shareholder, holding a 20% share in the US electronics giant and following his resignation as chairman of the board earlier this month, Schulze has become aware of the need to make a change for fear his holdings will continue to decline.
A buyout could prove to be pricey, with Best Buy’s current value of $8 billion meaning a potential buyout offer would have to be in the region of $11 billion to gain shareholder interest.
About The Author: Nirave Gondhia
Founder of UK Mobile Review and MEA Mobile Review - I'm in my twenties and based in London with a passion for mobile tech, travelling and the Middle East. Connect with me using the links below.
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