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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.
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Posted in Electricals, People Tagged Best Buy, Electricals, Richard Schulze, Hubert Joly, HR News, People, my, retail, media, news
