Forget big screens. The plan to take Best Buy private may still have some
assembly required.
Richard Schulze, founder of the flailing electronics chain,
held a secret meeting with several large bank lenders last week, looking to
persuade them to fund his $9 billion buyout proposal, The NY Post has learned.
Schulze’s proposal, which could require as much as $7
billion in debt financing to be completed, is “clearly not baked,” one source
said.
Likewise, insiders with knowledge of the meeting said
Schulze and his adviser Credit Suisse don’t yet have the backing of other
private-equity partners to invest in the deal.
Best Buy shares have been falling as Wall Street remains
skeptical that founder Richard Schulze can get the financing to take the
company private……
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