(Best Buy earnings, buyout story, updated to reflect analyst comments and additional company data)
NEW YORK ( TheStreet) -- After Best Buy (BBY) reported worse than expected second quarter earnings and declined to provide any outlook on the year's second half, it's time for the company's founder and former chairman to put up or shut up on a takeover offer that could reach nearly $9 billion.
On the heels of the top and bottom line earnings miss on Tuesday -- in addition to Best Buy's suspension of earnings guidance and a share buyback program -- both the company and founder Richard Schulze need to get serious about whether a private takeout is in the cards, after months of speculation. Investors are now more likely than ever to accept a premium-priced buyout offer as Best Buy's shares tumbled to a value as low as $16.31 in early Tuesday trading -- their lowest level since 2002 -- though shares made up much of the early 10% dip by Tuesday afternoon amid heavy trading.
The take-private deal
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