Best Buy Stock Soars, Complicating Founder's Takeover Intentions

The company may be gaining some momentum.

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It's been nearly a year since it all started to unravel for Best Buy. From CEO scandals and downed sales, to excessive excecutive turnover and risky store remodels, the company has been in a constant state of change.

Remember when former CEO Brian Dunn resigned?

But now, it seems as if things are changing for the better. In the past two months, Best Buy's stock has risen 40 percent, giving analysts, investors and employees a breath of optimism.

According to the Star Tribune, Best Buy generated sales that were stronger than anticipated as shoppers purchased more flat-screen televisions and other major appliances. The performance impressed investors and propelled the company’s share price from $12.20 on Dec. 12 to $17.33 when markets closed Tuesday, the Star Tribune reported.

However, the company's rising stock could present some complications for Best Buy founder Richard Schulze, as he continues to persue buying back the business and taking it private. Basically, as stock prices rise, so does the purchase price. The final price could be anywhere from $5 billion to $10 billion, the Star Tribune article said. Schulze began pursuing the deal last summer.

Much of the credit for the turn around is being given to Best Buy's new CEO, Hubert Joly, who joined the company in August 2012.

Read the full Star Tribune story here.

Do you think Best Buy is turning the corner? Do you think Schulze will be able to purchase? Tell us in the comments section below.


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