Best Buy has reached an agreement with its founder and former chairman, Richard Schulze, who owns a fifth of Best Buy’s shares. The accord could help facilitate a potential $8.8 billion buyout of the retailer. As part of the agreement, Schulze will be granted access to certain due diligence information. He has also been given permission to form an investment group with private equity sponsors. The agreement also allows for Schulze and his potential partners to put forth a definitive acquisition proposal within 60 days after the due diligence period begins.
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Best Buy, Schulze Lay Out Rules of Engagement
Posted by: Erika Morphy August 28, 2012 08:54 AMBest Buy has reached an agreement with its founder and former chairman, Richard Schulze, who owns a fifth of Best Buy’s shares. The accord could help facilitate a potential $8.8 billion buyout of the retailer. As part of the agreement, Schulze will be granted access to certain due diligence information. He has also been given permission to form an investment group with private equity sponsors. The agreement also allows for Schulze and his potential partners to put forth a definitive acquisition proposal within 60 days after the due diligence period begins.