Details Emerge of Best Buy Founder Buyout Offer
Best Buy Co. Inc. (NYSE: BBY) is surging this morning. Bloomberg first reported, now confirmed in a press release, that founder Richard Schulze is sending a letter to the board of directors saying that he is set to offer $24 to…
We would comment on one thing here. Schulze needs to conduct almost no due diligence other than what the board has been up to for the last 60 days or so. He is the founder and former chairman, so he should know just about everything there is to know. Chances are high that he is even aware that Best Buy stores often just act as a showroom for Amazon.com Inc. (NASDAQ: AMZN) vendors.
Best Buy shares are indicated up 23% at $21.70 this morning against a 52-week range of $16.97 to $28.53.
JON C. OGG
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.