Schulze To Sell Best Buy Shares After Botched Takeover

Law360, New York (August 27, 2013, 5:45 PM ET) -- After a takeover attempt gone awry, Best Buy’s Richard Schulze will sell an undisclosed amount of stock in the company that he founded, according to a filing Monday with the U.S. Securities Exchange Commission.

The tech behemoth's largest shareholder will make the sale between October and March as part of a strategy to diversify his assets and raise capital. The chairman emeritus is not in possession of material non-public information, according to the filing, which was made by Best Buy.

Under a pre-arranged plan, Schulze will...
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