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Report: Best Buy founder to make $5 billion to $6 billion buy-back bid

BY Katherine Boccaccio

New York — A Thursday report by the Minneapolis Star Tribune said that Best Buy Co. founder Richard Schulze is expected to make a fully financed offer of $5 billion to $6 billion by the end of the week to buy the retailer.

The newspaper cited an unnamed source for the report.

The bid would fall below Schulze’s August offer of up to $10.9 billion including debt.

Best Buy has not yet commented publicly on the report.

Schulze will meet with his top advisers, including Brad Anderson, a former Best Buy CEO, and Al Lenzmeier, a former president, in Minnesota on Thursday and Friday, the Star Tribune reported.

Schulze has said he would fund any deal through a combination of private equity and debt financing, as well as the reinvestment of some of his own equity in the company. He is Best Buy’s biggest shareholder, with 20% ownership.

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S.Andrew says:
Apr-05-2013 01:52 pm

Wholesalers also provide small retailers access to goods they may not have been able to acquire had they tried to go direct, opening up new market opportunities. This is because wholesalers already have working relationships with suppliers, making it easier for them to acquire new products. research papers for sale

S.Andrew says:
Apr-05-2013 01:52 pm

Wholesalers also provide small retailers access to goods they may not have been able to acquire had they tried to go direct, opening up new market opportunities. This is because wholesalers already have working relationships with suppliers, making it easier for them to acquire new products. research papers for sale

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Wal-Mart receives notice from India government agency on investment violations

BY Katherine Boccaccio

New York — According to multiple reports on Thursday, Wal-Mart Stores Inc.’s India unit has received a notice from a federal government agency regarding alleged violations of the country’s foreign investment rules.

A spokesman for Wal-Mart said: “We will be working to provide the authorities with relevant information,” but didn’t elaborate on the contents of the notice.

Bharti Walmart Pvt. Ltd., a joint venture between Wal-Mart and India’s Bharti Enterprises Ltd., operates 20 wholesale stores in the country.

The investigation launched after a complaint in September by a local politician, who alleged that a Wal-Mart unit in 2010 purchased $100 million of convertible debentures in a company through which Bharti Enterprises controls the Easyday supermarket chain.

The complainant – M.P. Achuthan – alleged the transaction was illegal because the money was used by Bharti to fund investments in its supermarkets.

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Pier 1 Q3 profit rises 3%

BY Staff Writer

Fort Worth, Texas — Pier 1 Imports reported Thursday that net income for the third quarter rose 3% to $23.7 million, compared with $23 million in the year-ago period. Results matched Wall Street expectations.

Revenue rose 11% to $424.5 million from $382.7 million, beating analysts’ expectations of $422.2 million in revenue. Same-store sales increased 7.9%.

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