Report: Investors on the fence about Best Buy founder’s plan
Several private equity firms that have been approached to join Best Buy founder Richard Schulze's buyout of the company "are sitting on the fence," Reuters reported. The article said the investors cited "the lack of a tangible plan by Schulze, and doubts about his ability to pull off the deal."
Including the assumption of Best Buy's debts, Schulze's proposal would total $10.9 billion and would be the year's biggest leveraged buyout thus far, the article said.
According to the Reuters report, in demanding access to financial information from Best Buy, Schulze said:
"I am deeply concerned about the direction of the company and, as Best Buy's largest shareholder, I cannot simply stand aside. I still hope to work with the board on a mutually beneficial transaction, but you should know that I am not going away."
(Source: Reuters, Aug. 16, 2012.)
Posted Thursday, August 16, 2012 • Permalink