San Diego, CA -- (SBWIRE) -- 08/08/2012 -- The takeover offer by the former chairman of Best Buy Co., Inc. to acquire Best Buy Co., Inc. prompted an investigation for NYSE:BBY investors concerning whether the offer is unfair to NYSE:BBY stockholders.
Investors who purchased shares of Best Buy Co., Inc. (NYSE:BBY) prior to August 6, 2012, and currently hold any of those NYSE:BBY shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
On Monday, August 6, 2012, Best Buy Co., Inc. (NYSE: BBY) confirmed that its Board of Directors has received a letter requesting due diligence and outlining an unsolicited, highly conditional indication of interest from Richard Schulze, former chairman of Best Buy, to acquire all of the outstanding shares of Best Buy that he does not already own for a per-share price of $24 to $26.
Shares of Best Buy Co., Inc. (NYSE:BBY) jumped from $17.65 per share on Friday, August 3, 2012, to $21.28 on Monday, August 6, 2012.
However, at least one analyst has set the high target price for NYSE:BBY shares at $36.00 per share. In addition, NYSE:BBY shares traded as recently as March as high as $27.51 per share.
Therefore the investigation a law firm concerns whether the proposed transaction is unfair to NYSE:BBY stockholders. Specifically, the investigation focuses on whether the Best Buy Board of Directors will undertake an adequate sales process, adequately shop the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in Best Buy Co., Inc. (NYSE:BBY) and purchased their Best Buy Co., Inc. shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego