Best Buy Founder Wants More Time, Cnooc & Nexen Again: Merger and Acquisition Report
Best Buy Co. (NYSE:BBY) founder Richard Schulze faces a looming deadline to review the firm’s financials as a part of his proposed takeover and he is now collaborating with three private-equity firms, including Cerberus Capital Management, in conducting due diligence. According to inside sources who wish to remain anonymous, Schulze has requested an additional 30 days for the procedure, even though he and the advisor firms have been evaluating the data since September. The company granted him 60 days for a proposal upon his announcement that he would bid as much as $26 a share on August 6th. Apollo Global Management (NASDAQ:APO) and KKR & Co. (NYSE:KKR) had at one time considered making bids, but sources say now that the companies are not likely to work with Schulze on an offer.
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Is a deal getting closer? Cnooc Limited (NYSE:CEO) accepts the management and employment conditions as laid out by the government of Canada as the giant company tries for approval of its $15.1 billion purchase of Nexen (NYSE:NXY), say inside sources. In October, Alberta Premier Alison Redford put forth conditions for approval of the deal and now negotiators for the Canadian government have adopted many of them, among which include guarantees that a minimum of one half of Nexen’s board and management positions be held by Canadians.