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Dell and Best Buy—Going Private Can Be Risky

Dell chairman and CEO Michael Dell
Dell chairman and CEO Michael DellPhotograph by Tony Avelar/Bloomberg

A possible Dell leveraged buyout seems a lot like founder and former Chief Executive Richard Shulze’s putative offer for Best Buy. In each case, you have a founder of a once-successful company who believes that the stock market undervalues his baby, and that once private and under even more of the founder’s control, there will be greater opportunity to fix a threatened business model.