Key Developments: Best Buy Co Inc (BBY)
25.74USD
24 May 2013
$-0.55 (-2.09%)
$26.29
$26.12
$26.16
$25.74
1,140,633
11,498,817
$27.37
$11.20
Latest Key Developments (Source: Significant Developments)
Best BUY Co Inc Announces Regular Quarterly Cash Dividend
Best BUY Co Inc announced that the Board of Directors has authorized payment of a regular quarterly cash dividend of $0.17 per common share. The quarterly dividend is payable on July 2, 2013, to shareholders of record as of the close of business on June 11, 2013. Full Article
Carphone Warehouse Group PLC Announces Proposed Acquisition of Best BUY Co Inc's 50% Stake in CPW Europe
Carphone Warehouse Group PLC announced that it has conditionally agreed to acquire the 50% of New BBED Limited (CPW Europe) that the Company does not already own from Best BUY Co Inc (Best Buy) for a net consideration of GBP 471 million (the Proposed Acquisition). GBP 341 million of the net consideration will be paid in cash on completion of the Proposed Acquisition with the balance satisfied by the issue to Best Buy on completion of a GBP 80 million stake in Carphone Warehouse and GBP 50 million of deferred cash consideration payable in two equal instalments on the first and second anniversaries of completion. Full Article
Best BUY Co Inc Announces Quarterly Dividend
Best BUY Co Inc announced that Board Of Directors has authorized payment of a regular quarterly cash dividend of $0.17 cents per common share. The quarterly dividend is payable on April 11, 2013, to shareholders of record as of the close of business on March 21, 2013. The Company had 338,275,674 shares of common stock issued and outstanding as of February 2, 2013. Full Article
Best BUY Co Inc Canada To Shut 15 Stores, Lay Off 5%-Reuters
Reuters reported that Best BUY Co Inc's Canadian division will close 15 of its big-box stores across the Country and lay off 5% of its workforce in a drive to cut costs, the consumer electronics retailer said. About 5% of its Canadian workforce will be laid off, a company spokeswoman said in an email. The National Post newspaper pegged the total number of layoffs at 900. About 5 percent of its Canadian workforce will be laid off, a company spokeswoman said in an email. The National Post newspaper pegged the total number of layoffs at 900. Full Article
Best BUY Co Inc Extends Deadline For Founder Bid-Reuters
Reuters reported that Best Buy Co Inc agreed to extend the deadline to February 28, 2013 for founder Richard Schulze to make a bid for the Company. In August, Schulze made an informal proposal to acquire Best Buy for $24 to $26 per share, or a total of $8.16 billion to $8.84 billion. Including debt, it would be as much as $10.9 billion. Full Article
Best BUY Co Inc Announces Regular Quarterly Cash Dividend
Best BUY Co Inc announced that the payment of a regular quarterly cash dividend of $0.17 cents per common share. The quarterly dividend is payable on January 2, 2013 to shareholders of record as of the close of business on December 11, 2012. The Company had 337,924,644 shares of common stock issued and outstanding as of November 3, 2012. Full Article
Best BUY Co Inc To Name Former Williams-Sonoma Executive As CFO-Reuters
Reuters reported that Sharon McCollam, the former Chief Financial Officer of Williams-Sonoma Inc will come out of retirement to take over as Finance Chief at Best Buy Co Inc at the end of the year, a source familiar with the matter said. Full Article
Best BUY Co Inc CFO Departs, Looks For Replacement-Reuters
Reuters reported that Best BUY Co Inc's Chief Financial Officer (CFO), James Muehlbauer, is leaving the Company Best Buy, which appointed a new chief executive in late August, said it is looking for a replacement. Full Article
Best BUY Co Inc And Founder Richard Schulze Reaches Agreement Permitting Schulze To Form Investment Group And Conduct Due Diligence
Best BUY Co Inc and founder Richard Schulze announced that they have reached an agreement under which Mr. Schulze will be granted access to certain due diligence information and permission to form an investment group with private equity sponsors in furtherance of making a fully financed proposal to acquire the Company. Best Buy stated that the agreement establishes a non-exclusive, orderly process which satisfies the requests made by Mr. Schulze, while at the same time protecting the interests of all shareholders. Mr. Schulze stated that he was pleased that an agreement was reached which will allow him to conduct the due diligence he had sought. The agreement, which will be filed with the SEC as part of Mr. Schulze's updated 13-D filing, provides the following: Immediate due diligence access to non-public Company information for Mr.Schulze, his advisors, potential private equity partners and debt financing. An opportunity to bring forward a fully financed definitive proposal within 60 days after the due diligence period begins, which period may be extended in certain circumstances; and a waiver of Minnesota law in order to allow Mr. Schulze to work with his private equity partners to develop a definitive proposal to be presented to the Board of Directors of Best Buy. If a transaction is proposed and the Board of Directors rejects such proposal, Mr. Schulze has agreed not to pursue an acquisition until January 2013. Full Article
Best BUY Co Inc Suspends FY 2013 Profit Outlook And Buybacks-Reuters
Reuters reported that Best Buy Co reported weaker-than-expected quarterly results and suspended its profit outlook and share buybacks for fiscal 2013, citing lower expectations for industrywide sales and uncertainty about key product introductions. Full Article
Best Buy sees investments squeezing near-term profits
- Best Buy Co Inc reported lackluster sales in the first quarter and warned that efforts to entice shoppers could squeeze profits in the near term.
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