Best Buy Co. Inc. (NYSE: BBY) has been a rumored buyout target for some time now that its woes began to go into overdrive. When the Chairman and Founder Richard Schulze announced that he was leaving and that he would explore options for his stake, it meant either that he was going to make a run for the entire company or that he was going to just ditch the problems and take a ‘cut and run’ sale strategy for his stake.
The Wall Street Journal has reported that Schulze is in fact exploring a buyout of the electronics retail giant. The ‘sources’ even reported that Schulze is working with bankers at Credit Suisse. The talks are also said to be in the early stages and it even was reported that Schulze could still dump his stake in Best Buy.
This is the sort of thing that drives investors nuts. A stake sale and/or a buyout have both been rumored and discussed in depth. We would advise investors and traders that today could likely be considered aggressive reporting of a re-rumor or at least a more targeted reporting of two possibilities with more finite information.
Best Buy shares are up 6.5% at $19.72 but we have seen a high print of $21.50 on the day during the initial volume spike.
JON C. OGG
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
