Best Buy Fights Back

Best Buy announced that it was hiring turnaround specialist Hubert Joly. The hiring occurred shortly after the company's Board of Directors stone-walled founder Richard Schulze's cash offer of $24 to $26 per share. The hiring of Joly is an indication that the Board does not believe that Schulze's offer is in the best interest of the company's shareholders and may lead to a protracted proxy battle for the company.