Accessories Amazon Asda Christmas Expansion & Franchise Fashion HR News High Street John Lewis London Marks & Spencer Media News Results Retail Retail and Consumer Industry Retail news Sainsbury's Store Tesco UK brand china consumer deal deals and rumours department department stores e-commerce electricals expansion fashion news food grocer group launch luxury morrisons my online online retail people profit property retail property retailer sale sales supermarket waitrose
Best Buy talks shelved after founder rejects offer of due diligence Monday, 20th August 2012
Plans to take Best Buy back into private hands have failed after the company said its founder rejected its offer to conduct due diligence.
Richard Schulze refused to take up Best Buy’s offer which would have given him 60 days to construct a bid for the company and present it to shareholders from January.
According to the Telegraph, Schulze was “shocked” by the company’s decision to shelve talks.
Hubert Joly has been drafted in to take up the position of CEO of Best Buy.
Earlier this month, Schulze wrote a letter to the board of Best Buy stating he was interested in joining forces with private equity partners to buy the company for almost £5.8 billion.