Best Buy back in buyout talks

City A.M. Reporter
TALKS between Best Buy and its founder, who has expressed interest in buying back the company, were last night reported to be back on.

Earlier this month, Best Buy founder Richard Schulze announced an offer to buy back the company for an estimated $8bn with an offer of $24.00 to $26.00 per share in cash.

Best Buy initiated the fresh discussions shortly after announcing quarterly earnings on Tuesday revealing a 91 per cent drop in profit that missed analysts’ expectations, according to Bloomberg.