Best Buy Completes Musicland Acquisition.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Feb. 1, 2001 Best Buy Co., Inc. (NYSE NYSE See: New York Stock Exchange :BBY BBY Best Buy (stock symbol) BBY Before Battle of Yavin (Star Wars) BBY BeBeyond (Chinese online community) ) today announced the completion of its acquisition of Musicland Stores Corporation. Musicland became a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Best Buy effective at 11:59 p.m. on Jan. 31, 2001. Trading in Musicland shares on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. has been permanently halted. At the effective time of the acquisition, all shares of Musicland common stock not tendered in the earlier tender offer were canceled and converted into the right to receive $12.55 net in cash, without interest, subject to the rights of the holders of the shares to exercise appraisal rights Appraisal rights A right of shareholders in a merger to demand the payment of a fair price for their shares, as determined independently. . Best Buy will contact the remaining Musicland stockholders by mail with information on how to receive payment for their Musicland shares not tendered in the tender offer. "We are pleased at the prompt completion of the Musicland acquisition," said Best Buy Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard M. Schulze Richard M. "Dick" Schulze is the Founder and Chairman of Best Buy. He was born and raised in St. Paul, Minnesota where he graduated from Central High School, afterwards attending Marquette University (he did not graduate[1]). He subsequently spent time in the U.S. . "The management team will move ahead quickly with our plans to transform our mall-based stores' product offerings to include MP3 players, cellular telephones, satellite systems, digital imaging, game hardware and software, and an expanded assortment of accessories." As part of the acquisition, effective immediately, Best Buy's Senior Vice President Kevin Freeland has been named president of Musicland, replacing Jack Eugster. Freeland said, "The integration and transformation of Musicland requires the talents of the combined Musicland and Best Buy teams to be successful. Together, we plan to create a stronger, more profitable model for the mall and rural store formats." About Best Buy Co., Inc. Minneapolis-based Best Buy Co., Inc. (NYSE:BBY) is the nation's number one specialty retailer of consumer electronics, personal computers, entertainment software and appliances. The Company operates retail stores under the names: Best Buy, Magnolia Hi-Fi, Sam Goody, Suncoast, Media Play and On Cue. The Company reaches consumers through more than 1,800 retail stores nationwide, in Puerto Rico and the U.S. Virgin Islands and online at http://www.bestbuy.com/. Statements made in this news release, other than those concerning historical financial information, should be considered forward looking and subject to various risks and uncertainties. Such forward-looking statements are based on management's beliefs and assumptions regarding information currently available, and are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company's actual results could differ materially from those expressed in the forward-looking statements. Factors that could cause results to vary include, among others; those identified in the Company's filings with the Securities and Exchange Commission. The Company has no obligation to publicly update or revise any of the forward-looking statements that may be in this news release. |
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