As a long, I think it's realistic to say at this point that Schulze is full of cr@p and that no buyout will happen. I'm hoping for Schulze to put even a lowball offer to the BOD (which would be rejected by the BOD and Schulze could take directly to shareholders), just to spike the stock, whereupon I would exit.
Let's face it. This thing has dragged on way too long. When Schulze was hammering the BOD for not allowing him to see the books, and to get permission to form a group, he was acting like he could get the deal done very quickly. We are now MONTHS past that point and he still needs an extension? C'mon. This has become a farce. The latest excuse....needs to see holiday sales? Please.
I hope the BOD does not grant him another extension (that is, if they really did grant him one recently). Let the stock sell off. Let the hedgies leave. It'll settle at whatever price, and then we can go forward from there. Speaking of which, is an extension not a material change that's required to be publicly reported? How can they get away with not disclosing this key fact?
I'm looking forward to some kind of resolution. Either get the deal done or go away Schulze - and let Joly et al try to turn BBY around. Enough with the hype and distractions.
I have just written an angry shareholder message to Bestbuy facebook page and then I started to read their wall... Lots, lots of angry customers. Angry messages on an hourly basis. That is close to catastrophe in my opinion.
I think shareholders have a right to know what is going on behind the scenes - Schultz's extension? Of course that is a material fact and the fact that the BoD just keeps silence shows how much they care about corporate governance. Unfortunately this just Shows what a man Joly is.
I will close all positions as soon as I have information about Schultz abandoning the deal - I do not trust Joly because he does not care about shareholders.