Investing

Best Buy Buyout Talks Still On

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…

By Douglas A. McIntyre
Published August 23, 2012, 7:09am ET · 1 min read

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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

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Douglas A. McIntyre

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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