Electronics retailer Best Buy Co., Inc.(NYSE:BBY) is quite reconciled to a lowered bid from founder Richard Schulze, who is expected to make a revised bid for the company he set up in December.
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Schulze had in August made a bid at $24 to $26 a share for the struggling retailer.
While Best Buy’s board had initially rebuffed Schulze’s approach, it has since shifted its stance and is now open to a bid of around $20 a share, The Post said on Monday citing sources close to the company.
According to the report, the volte face by the company is a result of the new Chief Executive Hubert Joly. Top executives of the company have reportedly met with Schulze to discuss the offer and the prospect of a potential buyout.
Indeed, Joly believes that a sale of the company in the range of $20 a share would be “a good outcome” for Best Buy and its investors, the report said quoting a source.
At that price the sale amount would be about $6.7 billion, much lower than the previous cost of more than $8 billion.
China's Alibaba group plans to buy a stake in micro blogging site SINA Corp(NASDAQ:SINA) Weibo, according to a report in China Business News.
The report said that the investment negotiations between the two companies had entered the final phase.
Alibaba has valued Sina Weibo at around $3 billion, the report said quoting sources.
The report quoted other domestic media sources who reported that Alibaba plans to buy a 15-20 percent stake in Sina Weibo.
Alibaba, which runs Taobao Marketplace, China's largest e-commerce website with a consumer focus, and Alibaba.com, China's largest business-to-business commerce platform, has a business model that revolves around online advertising and subscription fees, Reuters said.