Even with a new CEO on the way, the Best Buy Co. Inc. (NYSE: BBY) board continues to hedge bets about the firm’s future. Founder Richard Schulze, who was recently thrown out as chairman, apparently wants to continue his pursuit of a buyout. He already has made an offer to consider a transaction, but wants a look at the company’s books. Schulze and the board have been unable to come to an agreement about how that could be done. But, according to Bloomberg:
Best Buy Co. has resumed talks with founder Richard Schulze about an agreement that would allow him to conduct due diligence in his effort to acquire the company, said two people with knowledge of the matter.
A buyout would almost certainly mean new chief executive Hubert Joly will lose his job. But his pay package ensures he would take early retirement with millions of dollars in severance.
Douglas A. McIntyre
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.