Faruqi & Faruqi, LLP is Seeking More Cash for the Shareholders of Best Buy Co. (BBY)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Best Buy Co. (“Best Buy” or the “Company”) (NYSE: BBY) for potential breaches of fiduciary duties in connection with their conduct related to the proposed buyout of the Company by its Founder and former Chairman, Richard Schulze, who is currently Best Buy’s largest shareholder, controlling 20.1% of Best Buy shares. Under the terms of the proposed transaction, the stockholders of Best Buy will receive between $24 and $26 in cash for each share of Best Buy common stock they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $36.00 for BestBuy.
Whether Best Buy’s Board of Directors is acting in accordance with their fiduciary duties to Best Buy’s stockholders to conduct an adequate and fair sales process to sell the Company, whether the proposed transaction undervalues Best Buy’s shares, whether Best Buy’s Board of Directors is adequately negotiating a price increase for the proposed transaction and by how much this proposed transaction undervalues the Company to the detriment of Best Buy’s shareholders are the key focus of this investigation.
If you own common stock in Best Buy and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.