Buyout reports sends Best Buy shares upby Martin Moylan, Minnesota Public Radio
ST. PAUL, Minn. — Shares of Best Buy briefly spiked up as much as 15 percent Tuesday after The Wall Street Journal reported the retailer's founder Richard Schulze is working with investment bankers at Credit Suisse on a buyout plan.
The share price fell back within minutes, though, and closed up about 5 percent for the day, close to its trading range in the afternoon. Schulze owns about one-fifth of Best Buy's stock.
The Journal story cited unidentified sources familiar with Schulze's thinking.