Best Buy moves against Schulze

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By Thomas Lee, Star Tribune

Best Buy Co. Inc. founder and ex-chairman Richard Schulze’s quest to take his company private just got a little tougher.

After Thursday’s annual shareholders meeting, where Schulze was barely mentioned, the board of directors changed its bylaws to require that an investor own at least 25 percent of the company’s stock before he could call a special shareholders meeting to discuss a “change in control” or a takeover. Schulze owns 21 percent of Best Buy shares.”

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