Stock in Best Buy Co., the world’s largest electronics retailer, rose the most in almost four years Thursday after the Minneapolis Star-Tribune reported founder Richard Schulze will offer to take the company private by Dec. 15.
The shares climbed 16 percent to $14.12 at the close in New York, the biggest daily gain since Dec. 16, 2008. Richfield, Minn.-based Best Buy has fallen 40 percent this year.
Schulze will submit an offer to the board before the Dec. 16 deadline, the newspaper reported, citing a person it didn’t name.
The bid will be about $5 billion to $6 billion, the Star-Tribune said.
Best Buy declined to comment on the report, said Matt Furman, a company spokesman. David Reno, a spokesman for Schulze, didn’t immediately reply to telephone messages and an email seeking comment.
Yahoo adds 1 director; 2 board members exit
Yahoo is adding a new director and parting ways with two other board members in the latest shake-up of the Internet company’s hierarchy.
PayPal co-founder Max Levchin joins Yahoo’s board while Intuit Inc. CEO Brad Smith and Weather Channel CEO David Kenny step down.
The changes announced Thursday pare Yahoo’s board to 11 directors. All but one of them, former accounting executive Sue James, have joined Yahoo’s board this year.
The overhaul is part of an effort to bring in new ideas as Yahoo Inc. tries to revive revenue growth and snap itself out of a malaise that has left its stock price well below where it stood five years ago.
Yahoo hired former Google Inc. executive Marissa Mayer five months ago to orchestrate the turnaround effort. She joined Yahoo’s board when she was named the company’s CEO in July.
Levchin, 37, is the first new director to be named since Mayer’s arrival.
Airport reminds fliers of wrapped-gifts rule
Fort Wayne International Airport officials say leave the gift wrapping to them.
The travel hub is reminding passengers that all presents going through security should be unwrapped. In return, airport staff and volunteers have a Holiday Wrap Station and will package gifts free of charge.
The service is from 8:30 a.m. to 5 p.m. beginning Monday through Dec. 21.
Gifts should be left unwrapped so that Transportation Security Administration employees can have access to all items at the security checkpoint.
For a complete list of TSA prohibited items, as well as helpful hints for holiday travel, visit www.tsa.gov.
American Airlines CEO calls for independence
American Airlines pilots say their CEO is making his case for remaining an independent company, but the union still wants a merger with US Airways.
The union says its board will meet with US Airways’ top two executives next week.
CEO Thomas Horton met for three hours on Thursday with directors of the Allied Pilots Association.
Union spokesman Dennis Tajer said that Horton detailed his plan for American’s parent company, AMR Corp., to emerge from bankruptcy protection on its own. He said the union invited US Airways CEO Doug Parker and President Scott Kirby to a meeting next week and the airline accepted. US Airways didn’t comment immediately.