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Best Buy Founder Makes $8.5 Billion Bid To Take Company Private 300

Posted by Unknown Lamer
from the escaping-those-annoying-shareholders dept.
zacharye writes "Best Buy founder and the company's largest shareholder Richard Schulze has offered as much as $8.5 billion to take the company private. Schulze had been rumored to be preparing a takeover offer for some time, and he recently assembled a team of executives that will run the company if his buyout offer is approved. His offer amounts to between $24 and $26 per share, a premium of as much as 47% over Best Buy's stock price at Friday's close."
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Best Buy Founder Makes $8.5 Billion Bid To Take Company Private

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  • Re:Riiight... (Score:2, Informative)

    by Anonymous Coward on Monday August 06, 2012 @08:22PM (#40900711)

    dead serious, I have a 100$ best buy card.. Ive had it for 2 years.

      today i spent over an hour in my local best buy trying to find something for under 500$ to buy and i simply could not do it. 5-8 years ago, best buy was "the place" to be for a retail store. today, I have free money and cant buy something.

    I went in looking for an hdmi splitter and good god they wanted 120$ for one.

    I'm buying online lol

  • Re:Riiight... (Score:2, Informative)

    by Anonymous Coward on Monday August 06, 2012 @08:27PM (#40900747)

    I worked there in 2003. They've always been a place for big ticket items but buying any kind of accessory there was an effort in being extremely stupid. They don't make any money on computers, tvs, appliances, etc. They make all of it on extended warranties and accessories. Most people (not I didn't say smart people), research and research prices on the big ticket item (they'll spend hours to save $10) but then unknowingly spend 3x as much as they should on their accessories.

  • by Randwulf (997659) on Monday August 06, 2012 @09:11PM (#40901033)
    If there is something you feel feel should be on Slashdot, there is a "Submit Story" link at the bottom of the page. I suggest you use it instead of posting an off topic comment.
  • by LynnwoodRooster (966895) on Monday August 06, 2012 @09:36PM (#40901203) Journal
    Insider (those who typically own more than 1%, or are active in the leadership of a company) trades - either sells or buys - must be announced at least 1 quarter in advance (SEC rules). Additionally, since he doesn't have all the capital available himself, he needs to get others to invest with him, and given the size of placement it may need to be publicized as well (SEC rules).
  • Re:Riiight... (Score:5, Informative)

    by Gothmolly (148874) on Monday August 06, 2012 @09:52PM (#40901275)

    iTunes cards - basically you need BB to convert your useless currency (their gift card) into usable currency (iTunes) - which you can then give away as presents or burn through yourself.

  • by Latentius (2557506) on Monday August 06, 2012 @11:35PM (#40901789)

    Well, I can't speak for all of Geek Squad, but I can assure you, I wasn't handled for my sales ability or for an outgoing personality. I was hired because I'm intelligent and know how to deal with computer issues. Yes, sometimes I end up doing some sales, but if you were to count the number of people I actually sell things to (or even try to sell things to) versus the number that I help--for free--at the counter, just answering questions and fixing minor issues, it's actually a very low ratio.

    I think Geek Squad--much like Best Buy as a whole--gets a much worse rep than is deserved. I've said it before, and I'll say it again--they're far from perfect. But from what I've personally experienced, the majority of people who come to us leave satisfied. The problem is that the minority who aren't satisfied are VERY vocal about it. Moreover--and I could go on for hours with examples, but I'll avoid that here--many of the people who are dissatisfied, in my opinion, are that way due to their own unrealistic expectations.

    Just a few quick examples: someone who has a TV with nothing more than the manufacturer's warranty comes in just weeks before it's about to expire and wants service done. Since we're bound to honor manufacturer's warranties by the manufacturer's terms, this means we have to send the unit out for service, which can potentially take a couple weeks. At this point, quite a few people just go apeshit. They think that any problem with their device, no matter how minor, entitles them to an immediate replacement to a brand new device, no matter how old their other is. Not only that, but when the unit comes back from service, they expect the warranty to magically be extended for another year (or however long it was originally for). When you have to break it to them that this simply isn't the case, they get pissed off, and then go shouting to anyone that will listen how awful Best Buy and Geek Squad are for something that is entirely out of our hands, and entirely standard across the industry.

    Other times, people are just impatient. Computer maintenance takes time, pure and simple, to make sure you're not missing anything. Add on top of that the fact that sometimes you get a backlog of work and can't immediately start service on a person's computer. So, you tell them at check-in that it could take up to a week, and that you will give them a call just as soon as it's finished. So they call back the next day, asking if it's done. And then the next day, asking if it's done, and so on and so forth. When you try to explain to them what you're doing and why it's taking so long, suddenly everyone becomes the most important person in the world. "But I'm a student! I need it for class!" "But I need my computer for my business!" "But I have important emails to respond to!" People just don't seem to understand that EVERYONE thinks they're important, and we can't prioritize service based on how highly you think of yourself. If things were truly so important, you'd have a backup computer. Regardless, even if you manage to get the computer back to them in 4 days, versus a quoted 7, they show up all in a huff, complaining about everything taking so long, and proceed to go out and complain to everyone that'll listen how horrible service is. There's simply no winning with people. And God forbid if you need to send a computer to a service center for serious repairs...

    This is pure conjecture on my part, but I'd say the biggest problem for Geek Squad does not necessarily come from the quality of the actual work done, but from the customer service aspect of the interactions. People simply hate being told something will take time, or that something is not covered (no, we won't send your device out just because you're getting near the end of your warranty if it shows absolutely no signs of malfunctioning). Unfortunately, I have no idea what anyone could do to fix that problem.

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