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Best Buy Co., Inc (NYSE:BBY) founder Richard Schulze failed to make a takeover offer for the company on Thursday, February 28, finishing 8 months of boardroom drama and oft-overheated speculation.
Richard Schulze was facing a Thursday deadline to make an offer for his dream of retaking ownership of the world’s biggest electronics chain, he made in 1966 and guided through the decades. For weeks, news reports have shown that Schulze was having problem lining up the financial backers for such a huge undertaking.
What was the Moving Force behind BBY On Bullish Run? Read This Research Report on BBY
The New York Times on Thursday reported on its website that the agreement was dead. The news paperannounced by mentioning sources that talks between Best Buy and a group comprising Schulze and 3 private equity companies have ended.
The Vernier, Switzerland based Transocean LTD (NYSE:RIG) announced a fiscal Q4 profit for the first time in 3 years as drilling in the United States Gulf of Mexico assisted lift demand for vessels.
Transocean, the World’sbiggest offshore rig contractor, announced in a statement on Friday that net income was $456 million or $1.19 per share, evaluated against a loss of $6.17 billion or $18.67 per share in previous year. Profit was 9 cents per share without a $101 million tax benefit, over the median forecasts of 35 analysts’ polled Bloomberg. Sales moved up 9% to $2.33 billion.
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Last year Q4 results comprised a write-down due to the lower market value of its contract drilling business. Transocean earlier announced a profitable fourth quarter in 2009, as shown by Bloomberg gathered data.
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