Best Buy (
BBY) on Friday announced that it did not receive an offer from founder Richard Schulze for
a proposed buyout. Schulze originally planned
to take Best Buy private for $24 to $26 a share last August, however he failed to secure financing and make a bid for the retail giant
prior to the February 28th deadline. Talks between the two parties reportedly ended after Schulze and his private-equity investors sought three board seats in exchange for acquiring a minority stake in the company,
according to Bloomberg.
Best Buy will now continue to focus “on its transformation for the benefit of all of its stakeholders.”
