Press release from Business Wire
Best Buy Company (BBY) Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate the Board of Best Buy Company Concerning the Receipt of a Going-Private Proposal From Founder Richard Schulze
Monday, August 06, 2012
DALLAS (Business Wire) -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating potential claims against the Board of Directors of Best Buy Company Inc. (“Best Buy” or “BBY”) (NYSE: BBY) concerning the board's receipt of an unsolicited acquisition proposal from Best Buy's founder and former Chairman of the Board, Richard Schulze, to take the company private. Under the proposal, Schulze seeks to acquire the remaining shares of Best Buy that he does not own for $24.00 to $26.00 per share in a proposed transaction valued at approximately $8.84 billion.
If you are an affected investor, and you want to learn more about the investigation or if you have information that you believe would be helpful to the determination of the fairness of the proposed transaction, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
Schulze currently owns approximately 20% of the outstanding shares of Best Buy common stock. Under the going-private acquisition proposal, Schulze seeks to acquire all of the outstanding shares of Best Buy common stock for between $24.00 and $26.00 per share. According to Yahoo! Finance, at least one analyst has set a target price of $36.00 for BBY shares. The investigation centers on whether Best Buy's Board of Directors is acting in the shareholders' best interests, whether the board is properly negotiating a higher share price for the shareholders, and whether the board has employed an adequate process to review and act on the proposed transaction.
“Although we hope that Best Buy's Board of Directors is doing everything possible to maximize shareholder value and negotiate a better price for the shareholders, the proposed purchase price is well below BBY's 52 week high. In addition, as recently as March 23, 2012, BBY shares closed at $27.51 per share - again well above the top end of the current offer. Based on these and other factors, we want to ensure that Best Buy's Board of Directors are acting in the best interests of the shareholders,” said shareholder rights attorney Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
Powers Taylor, LLP
Patrick Powers, 877-728-9607
The Briscoe Law Firm, PLLC