Best Buy founder Richard Schulze has been working hard to buy back the company over the past few months, but now it looks like his takeover attempt in bad shape,Olivia Oran and Jessica Toonkel at Reuters spoke with five sources “familiar with the matter” who all say that Schulze’s bid is in trouble.
Schulze originally tried a full takeover bid but that failed, so he went to a backup plan.
Over the past few weeks, Schulze has been trying to get private equity firms on board to buy a non-controlling stake in Best Buy.
But that might not pan out either.
The potential investors are “unconvinced” that Best Buy can compete with online retailers like Amazon, according to Reuters’ sources.
Schulze has until Thursday to submit a bid to the Best Buy board. The company has postponed its fiscal Q4 earnings release by one day to wait for Schulze’s bid.
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