Best Buy (NYSE:BBY) has resumed takeover talks with Schulze.
Best Buy Continues Takeover Talks
It has been reported that the electronics retailer Best Buy (NYSE:BBY) has resumed talks with its founder Richard Schulze about a possible buyout to take the company private.
The company resumed the talks to make an agreement that will allow him to conduct due diligence as part of his effort to acquire the company.
Best Buy (NYSE:BBY) has lost 11 percent of its value since last week appointed Hubert Joly as the new chief executive officer.
The company’s interim CEO Mike Mikan said that the due diligence offer still stands and it is up to Schulze to respond.
Schulze previously proposed a $9.5 billion buyout to take the struggling retailer private.
Best Buy (NYSE:BBY) shares are currently standing at 17.72.