Best Buy has ended talks with its founder, Richard Schulze, who wanted to acquire control of the company. Negotiations for Schulze to return to the board of directors also have ceased,
the
Minneapolis Star Tribune
reported.
On Feb. 28, his deadline for making a formal offer for the company, “he spent most of the day trying to negotiate ways to expand his partial control of the board with the help of one of his investors,” the
Star Tribune
article said.
Several of the private equity groups that had been expected to partner with Schulze made offers to buy a stake in the company, according to the
Star Tribune
report. Directors rejected those offers, the article said.
Citing sources close to Schulze, the
Star Tribune
said he could still seek to buy the company next year or try again to regain control of the board. The
Star Tribune
report, citing an unnamed source, said the he would be welcome to rejoin the board, but not as chairman. Schulze was forced to resign as chairman after an investigation found that he knew about former CEO Brian Dunn’s affair with an employee but failed to tell the board.
“Since joining the company in September, CEO Hubert Joly has worked hard to improve Best Buy’s relationship with Schulze,” the
Star Tribune
article said. (Source:
Minneapolis Star Tribune,
March 1, 2013.)
-
516 reads