NEW YORK ( TheStreet) -- This just in. Best Buy (BBY) reported worse than expected earnings and investors are still skeptical of a premium-priced buyout proposal from ousted chairman and company founder Richard Schulze.
Basically, nothing's changed.
As TheStreet noted in August after Best Buy cut its earnings outlook, it's time for Schulze to put up or shut up on a multi-billion dollar takeover proposal that's been discounted by investors since first being floated to the public this summer.
Third quarter earnings, which showed a disappointing net loss of $13 million, or 4 cents a share, and a 4.3% drop in same store sales, only give investors more reason to be skeptical of Schulze's motives in slow-playing a takeover deal.From the first indication of Schulze take-private interest, the prospects of a deal have seemed sketchy at best. That is especially true given the price tag of Best Buy and Schulze's reluctance to put out a formal offer. In fact, Schulze's machinations resemble those used by activist investor Carl Icahn when opening
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