Best Buy Co., Inc.'s Founder Works With Credit Suisse On Options-Reuters

Reuters reported that Best Buy Co., Inc. founder Richard Schulze is working with banks including Credit Suisse to explore a potential private takeover of the Company, three sources close to the matter said on June 26, 2012. Schulze and the banks were still in the early stages of determining what steps to take, the sources said. But the Board of Directors of the Company he founded in 1966 has made it more difficult for Schulze to force a shareholder vote on any buyout proposal without the Board's consent, after raising the ownership threshold for calling a special meeting to 25% from 10%, according to a filing with the Securities and Exchange Commission last week. Schulze is Best Buy's largest shareholder, but his 20.1% stake falls short of the new level.