Remember how Best Buy’s founder Richard Schulze was all about buying the company back? Well, it kinda seems like Best Buy is playing a bit hard to get, as Schulze had to write a letter to the board basically begging it to accept his proposal or at least to hand over the financial info he needs to put together an offer. And he sort of ends up sounding like a stalker who won’t let you break up with him.
“I am deeply concerned about the direction of the company and, as Best Buy`s largest shareholder, I cannot simply stand aside,” he said in a letter today to the board, via Reuters. “I still hope to work with the board on a mutually beneficial transaction, but you should know that I am not going away.”
Basically it’s like, “Hey, baby, I know what’s best for you but it doesn’t even matter if you won’t listen to me because I’m just going to stand outside your window with this boom box until you finally give in.”
Reuters cites sources who say several of the private equity firms Schulze was hoping would help him with the financing to make the deal happen are getting cold feet, because he doesn’t have a really firm plan in place.
Schulze said earlier he’d be willing to shell out $8.16 billion to $8.84 billion for the struggling electronics retailer. But first, he needs to do a bunch of research before he can make a bid, and to do that, he needs a peek at some financial documents.
So just remember, Best Buy board, when you feel the hairs on the back of your neck standing straight up: He. Is. Not. Going. Away.
Previously: Can Best Buy Be Saved?