Who is Best Buy?
Best Buy Co., Inc. (Best Buy) is a global retailer and developer of technology products and services. The company’s products include consumer electronics, mobile products, televisions, digital cameras, e-readers, appliances and others. Its services include installation and delivery of appliances, computer and gaming setup, furniture assembly and repair services.
Best Buy operates in the US, Europe, Canada, Mexico and China. The company is headquartered in Richfield, the US.
The company’s strategy has been to develop and supply a wide range of branded products and services to its customers through its innovative technologies. In line to its strategy, Best Buy acquired mindSHIFT Technologies, Inc, which provides cloud, data center and professional services to small and mid-sized businesses across the US. This acquisition can enhance the company’s operations to expand its business in managed service provider markets.
The company focuses on accelerating connection strategy through strategic changes in Best Buy Europe, its consolidated subsidiary in which Carphone Warehouse holds a 50% noncontrolling interest.
On the news today on Monday, Richard Schulze, the founder of Best Buy, has offered to buy the electronics retailer for as much as $8.8 billion. What translate to an offer to shareholders between $24 and $26 for each of their shares.
Last week share price closed bellow the $18 mark. This morning it open higher than $22, a remarkable jump. Nevertheless, the share price is currently $19.79.
What will traders be looking for, is to get early on this opportunity as the share price could rise to $24. Nevertheless the offer has to be confirmed and we will see what progress it made in the coming weeks. It could be one of those offers that get around the news to make people jump in the wagon. It has happen many times, some offers don’t go through and are just loud comments.