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Best Buy founder Richard Schulze attempts to regain control of company

Monday, August 6, 2012

Following weeks of speculation, Best Buy founder Richard Schulze has launched an attempt to regain control of the troubled electronics giant. On Monday Schulze made an offer to shareholders for around $26 per share – a premium price for a stock which has traded in the $18-$20 range recently.

This follows previous reports that Schulze had begun recruiting an executive team for a potential private Best Buy.

When asked by the Star Tribune for comment, Christopher Puto, Ph.D., dean of the Opus College of Business, opined that the success or failure of the deal will hinge on the reaction of institutional investors. "If they don't sell to Dick, then they're betting on the current leadership and circumstance, and I'm not sure how strong a bet that is," said Puto. "I can't believe they're not going to opt in to selling."

Schulze repeated his call for Best Buy to release financial information to him so he can pursue the company, telling board members they should know he is "not going away" in a letter released Thursday, August 16. Puto told MENAFN News Schulze's past success with Best Buy will be critical as he tries to attract investors. "There are likely to be investors who will agree that if something is achievable, [Schulze] can achieve it."

Schulze is a longtime patron of the Opus College of Business, namesake of the college's Schulze Hall and Schulze School of Entrepreneurship.

Originally published: 08/06/2012, Star Tribune