Best Buy Shares Fall on Report It May Scrap Buyout
Technology Editor, CNBC.com
Best Buy shares traded down more than two percent in after-hours trading Wednesday on a report that the electronics retailer may be considering other options besides going private.
Company founder Richard Schulze, who is Best Buy's largest shareholder and is leading the buyout effort, may instead have a plan to line up investors to buy a minority stake in the company, according to sources cited by a Dow Jones report.
The discussions between Schulze and investors are in the early stages and Schulze may still continue with the buyout strategy, according to the report.