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”) (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 firstname.lastname@example.org, or Willie Briscoe via email at WBriscoe@TheBriscoeLawFirm.com.
Disclosure: I just saw this link and thought to post it. I'm not involved with this law firm in any way.
To say this lawyer is jumping the gun is a huge understatement. This is like trying to charge someone for a crime before they even think of committing it. What has happened is the board of BBY has been made an offer, and that is it. The fact is until now all we have seen is Schulze say he intends to take the company private, and there is no obligation for the board to do anything until he makes a real offer. What if his offer was $30 a share cash, would they board be wrong to recommend shareholders take the deal, and not shop the companies sale, not likely at that price.
Now if they had already taken today's offer, they would have a reasonable case. On the other hand if they just said flat out no, that would give them a case too since to meet their fiduciary duties the board needs to consider the offer fairly. Now if the board tomorrow says while they consider this offer says they are open to counter offers they now done all they have to do at this point to kill any suite. So truth be told, I think this is some lawyer with nothing better to do with his time barking up the wrong tree.