Reuters: Global Markets: Best Buy, founder Schulze end deal talks-source

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Best Buy, founder Schulze end deal talks-source Mar 1st 2013, 12:55 Tweet Share this Email Print Related News Sears tops estimates; some skeptical about turnaround Thu, Feb 28 2013 Exclusive: Compuware, after rejecting Elliott bid, explores sale Thu, Feb 21 2013 Deals of the day - mergers and acquisitions Thu, Feb 14 2013 Best Buy founder may scrap buyout bid: sources Wed, Feb 13 2013 Nasdaq talked with Carlyle about going private: sources Mon, Feb 11 2013 Analysis & Opinion Liberty pushes envelope for post-crisis M&A debt Dell's $24 bln LBO involves a club of one Related Topics Investing and Taxes Simplified » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Hot Stocks » Asian Markets » Inflows Outflows » A Best Buy logo is seen during Thanksgiving Day in San Francisco, California, November 22, 2012. Credit: Reuters/Stephen Lam By Dhanya Skariachan NEW YORK | Fri Mar 1, 2013 8:17am EST NEW YORK (Reuters) - Best Buy Co (BBY.N) and founder Richard Schulze have ended their talks after Schulze and private equity investors sought three board seats in exchange for taking a minority stake in the company, a source familiar with the matter said on Friday. Separately, the world's largest consumer electronics chain posted quarterly results. Best Buy lost $409 million, or $1.21 per share, in the fourth quarter ended February 2, compared with a loss of $1.82 billion, or $5.17 per share, a year earlier. On an adjusted basis, earnings from continuing operations fell to $1.64 per share from $2.18 a year earlier. Revenue rose just 0.2 percent to $16.71 billion. Schulze, who had made an informal proposal to buy Best Buy for $24 to $26 a share last August, failed to line up necessary debt and equity financing, the source said. The founder's efforts to negotiate a deal with private equity firms Cerberus Capital Management LP CBS.UL, TPG Capital TPG.UL and Leonard Green & Partners have also come to an end, the source said. The development would appear to end a months-long quest by Schulze to take private the company he founded in 1966, and free Best Buy to focus on its turnaround. Schulze said in August he could acquire Best Buy for $24 to $26 per share, valuing the deal between $8.16 billion and $8.84 billion, or as much as $10.9 billion, if debt was included. (Reporting by Dhanya Skariachan; Editing by Jeffrey Benkoe) Investing and Taxes Simplified Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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