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

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:5, Insightful)

    by Sponge Bath ( 413667 ) on Monday August 06, 2012 @08:13PM (#40900655)

    I have a 100$ best buy card.

    That will get you a 6' Monster brand HDMI cable, but it's not enough for the extended warranty.

  • by oakgrove ( 845019 ) on Monday August 06, 2012 @08:31PM (#40900777)

    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..."

    Um, SOLD!!

  • He will get it. (Score:5, Insightful)

    by Anonymous Coward on Monday August 06, 2012 @08:34PM (#40900803)

    Title should read "Best Buy Founder Tells World He Will Try To Find $8.5 Billion To Take Company Private"

    I doubt he gets it.

    I have no doubt that he will.

    First he's the founder and billionaire. That means he's got a "track record" among the money crowd.

    He will have a plan when he goes shopping for money.

    He's the founder who'll rescue the company.

    The money guys will be drooling over all the fees, commisions, and every other way they'll make a fortune off of this guy - and they will be right there to help him get his money.

    He will can hundreds if not thousands of people, restructure debt, and other things that will stick it up the ass of the working and middle class.

    Oh, and he'll probably will NOT have to put up much, if any, of his own money.

    Those people live in a different world than you or me. If they get into trouble with debt, the banks kiss their ass and help them to deal with it even if it hurts them. And no one calls them "irresponsible", "free loader" or any of those names. And if need be, some well placed calls to people in Congress and some really cheap taxpayer money will come their way.

    They call them "job creators". And if you think he got where he is by hard work and some risk taking, I have a bridge in Brooklyn to sell you.

    Now, I'm gonna go cry myself to sleep.

  • Re:Riiight... (Score:5, Insightful)

    by dynamo52 ( 890601 ) on Monday August 06, 2012 @08:40PM (#40900855)
    I've always considered Best Buy a terrific example to illustrate the quote "No one ever went broke underestimating the intelligence of the American public."
  • by Anonymous Coward on Monday August 06, 2012 @09:46PM (#40901251)

    "Creating jobs" at Best Buy right now is like hiring people at a buggy whip factory in the 1930s to escape the depression.

    (Never mind the economic absurdity of the whole "job creators" meme in the first place).

  • Re:Cables (Score:4, Insightful)

    by patchmaster ( 463431 ) on Monday August 06, 2012 @10:19PM (#40901409) Journal

    Cables are to Best Buy as soda is to McDonald's.

    And, actually, as Best Buy prices go, $57.63 for TWO SATA cables isn't that bad. A couple years ago I had an immediate need for a USB cable. They wanted $50 for ONE. I decided my need wasn't that great. Ordered ten online (to meet minimum order requirements) and got them for $12 plus shipping. I was tempted to take the other nine and hang out in front of Best Buy offering to sell them for "half price".

  • by espiesp ( 1251084 ) on Monday August 06, 2012 @10:27PM (#40901469)

    Yeah, because it's feasible to have a country full of nothing but doctors and executives? FFS, SOMEBODY has to scrub the toilet, grow my vegetables, shovel the cow poop, and yes, work retail.

    Thats one of the issues we have in this country today. Everybody thinks that those jobs are below them, so they opt not to work at all and game the welfare system instead because somehow that's less embarrassing and sadly probably is more lucrative...


  • by Anonymous Coward on Monday August 06, 2012 @10:52PM (#40901561)

    Your comment leads me to infer that you believe:

    - People are not embarrassed to be on welfare
    - People make more money on welfare than on a minimum wage job
    - Either: the few people who somehow "game the welfare system" make it not worthwhile for those who use it as a legitimate safety net
    - Or: most people who are on welfare are gaming the system and riding the gravy train
    - Welfare is cheating you out of your hard-earned money
    - You, yourself, will never need a safety net

  • by SuperKendall ( 25149 ) on Monday August 06, 2012 @10:54PM (#40901573)

    Jobs are a bit like energy, you can't really "create" them.

    I own a business. I can create a job by choosing to hire someone. The job is real; a person would earn money from doing it.

    If jobs could truly not be created there would be a fixed number at all times. That is not so.

    If there is a market, there will be jobs.

    Only if people are willing to enter that market as providers. There is NO market before someone decides there is a possibility of earning money performing some task or offering some service, but it's up to the job creators.

    It's up to job creators to enter a market and to create the jobs.

  • by aussersterne ( 212916 ) on Monday August 06, 2012 @10:59PM (#40901605) Homepage

    People are willing to work for a good salary or a good hourly rate.

    Drop the hourly rate and the benefits to below living wage, and they have no incentive to work full time, particularly if they can satisfy needs better with the social safety net. Why work if you're still going to bo bankrupt?

    Of course, we then say "well then let's drop the value of the safety net so that it's below the wages that are available."

    But then you risk another rational choice: criminal activity. Why work legally and go bankrupt if you can work in the gray or illegally and survive? That's where spammers and drug dealers come from.

    Most people don't see any particular task as beneath them, but they do see some wage levels as pointless thumb-twirling. You want people to scrub toilets? Pay them an annual wage above the federal poverty level and they'll be happy to. Pay them twice the federal poverty level and they'll whistle while they do it. Pay them at minimum wage or below, and there are very few jobs you can get them to do.

    Yes, this picture is incompatible with our macroeconomic situation. But microactors don't care about macroeconomics. They care about making ends meet and accounting to those to whom they are accountable (creditors, utilities, and dependents first amongst these, not "the system").

  • Insanity (Score:3, Insightful)

    by SuperKendall ( 25149 ) on Monday August 06, 2012 @11:32PM (#40901765)

    Your example is quite literally insane, and the most twisted idea of what a job is I have never seen.

    The fact is I have created the job regardless of what the person does. They still get money from me. The job may go to someone else soon, but the job exists independently of the quality of the one that holds it.

    Likewise, if you have an existing job that becomes open (employee moves, quits, whatever), hiring a replacement isn't "creating a job".

    I cannot help here but brandish the colloquialism DUH DUH DUH DUH DUH.

    Hiring a replacement for the SAME FUCKING JOB is not a new job, it's the SAME FUCKING JOB. That someone else created... How can you even use that as an example????

    Nothing brings out epic levels of ignorance like discussion of what jobs really are on Slashdot.

    I award you no points, and may the Flying Spaghetti Monster find something of worth in you to add to the Great Sauce.

    I will respond no more on this topic, you may feel free to type as vigorously and foolishly as you will. I just hope that someday you understand the reality of how jobs are created so that you can benefit rather than be entrapped by the system in which we all live.

Never tell people how to do things. Tell them WHAT to do and they will surprise you with their ingenuity. -- Gen. George S. Patton, Jr.