NEW YORK, Aug. 6, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Best Buy Company Inc. ("Best Buy" or the "Company") (NYSE: BBY), concerning whether the board is fulfilling its fiduciary duties to shareholders in connection with an offer from the Company's founder and former CEO, Richard Schulze, to take the company private.
On August 6, 2012, it was reported that Mr. Schulze is offering to purchase the Company for between $24-26 per share, which is well below its 52-week high of $28.52 per share and values the Company at approximately $8 billion. The offer translates to only three times EBITDA in an industry that generally commands a multiple of no less than eight times EBITDA, or less than half the amount another suitor might offer to purchase the Company.
Our investigation concerns whether the Best Buy board of directors is fulfilling its fiduciary duties to shareholders, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders.
If you own Best Buy shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Benjamin Sachs-Michaels, Esq. Peter W. Overs, Jr. Robert I. Harwood, Esq.
Harwood Feffer LLP 488 Madison Avenue New York, New York 10022
Phone Numbers: (877) 935-7400 (212) 935-7400
Email: [email protected] Website: http://www.hfesq.com
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
Attorney Advertising. © 2012 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP