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Timeline: Schulze's Best Buy offer

  • August 6, 2012 - 9:45 PM

 

2009: Brian Dunn succeeds Brad Anderson as Best Buy CEO.

December 2011: Best Buy Chairman Richard Schulze receives allegations about Dunn's personal behavior.

April 10, 2012: Dunn abruptly resigns from Best Buy. The company acknowledges the board's audit committee had initiated an investigation of Dunn; Best Buy director George "Mike" Mikan is named interim CEO.

April 12: Best Buy board hires a legal team from Wilmer Hale in Washington, D.C., to investigate Dunn's conduct.

April 20: Best Buy board names four-member committee to search for new CEO.

May 16: Best Buy board releases results of investigation, says Schulze failed to alert full board to allegations against Dunn; Schulze is to remain chairman until the June annual meeting.

June 7: Schulze resigns early from board of directors in order to explore his options; board member Hatim Tyabji, is named chairman.

June 21: After the Best Buy annual meeting the board changes company bylaws and adopts a takeover defense that requires an investor to own at least 25 percent of the company shares before calling a special shareholder meeting.

June 27: Best Buy's board rewards company executives with $2 million in retention bonuses.

July 31: Star Tribune confirms that Schulze has recruited former Best Buy CEO Brad Anderson and former president and COO Allen Lenzmeir to join his takeover team.

Aug. 6: Schulze submits a preliminary takeover proposal to Best Buy's board.

PATRICK KENNEDY

© 2014 Star Tribune