Best Buy founder drops plans for buyout

Best Buy (BBY) on Friday announced that it did not receive an offer from founder Richard Schulze for a proposed buyout. Schulze originally planned to take Best Buy private for $24 to $26 a share last August, however he failed to secure financing and make a bid for the retail giant prior to the February 28th deadline. Talks between the two parties reportedly ended after Schulze and his private-equity investors sought three board seats in exchange for acquiring a minority stake in the company, according to Bloomberg. Best Buy will now continue to focus “on its transformation for the benefit of all of its stakeholders.”

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This article was originally published on BGR.com