by Christopher Freeburn | June 27, 2012 10:12 am
The corporate management soap opera at big box electronics retailer Best Buy (NYSE:BBY) may be about to take another dramatic turn.
Company founder Richard Schulze has been discussing potential options to buy the company with Credit Suisse (NYSE:CS) and is in the early stages of looking for investment partners, according to the Wall Street Journal.
Schulze was forced to resign as chairman and director back in May, after it emerged that he knew about an inappropriate relationship between ousted CEO Brian Dunn and a female employee and failed to inform the board.
He remains the company’s largest shareholder, controlling a little over 20% of its shares.
Sources close to Schulze say he is unhappy with the company’s current direction and wants to see significant changes, but is unwilling to run the company himself.
Analysts speculated that, given the retailer’s current market value and debt, a bidder would need to raise about $11 billion to take the company private.
Possibly anticipating a buyout bid, Best Buy’s board approved a measure last week raising the minimum stake required for a shareholder to request a special meeting from 10% to 25%.
Best Buy shares slipped about 1% in early Wednesday morning trading.
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