Schulze Group Amends Best Buy Stake Filing

TL;DR

Schulze family foundation & investment arms updated their Best Buy 13D filing - still watching.

AI Summary

Richard M. Schulze, through affiliated entities like Olympus Investments Limited Partnership, filed an amendment to their Schedule 13D on May 30, 2024, regarding their holdings in Best Buy Co., Inc. This filing, Amendment No. 13, updates their previous disclosures concerning their beneficial ownership of the company's common stock.

Why It Matters

This filing indicates ongoing activity and potential strategic interest from a significant shareholder in Best Buy, which could influence future corporate actions or stock performance.

Risk Assessment

Risk Level: medium — Amendments to 13D filings often signal changes in a major shareholder's intentions or stake, which can introduce uncertainty and potential volatility for the stock.

Key Players & Entities

• Richard M. Schulze (person) — Filing party and beneficial owner
• Olympus Investments Limited Partnership A (company) — Affiliated entity filing as part of a group
• Olympus Investments Limited Partnership B (company) — Affiliated entity filing as part of a group
• Richard M. Schulze Family Foundation (company) — Affiliated entity filing as part of a group
• RMSJS LLC (company) — Affiliated entity filing as part of a group
• Best Buy Co., Inc. (company) — Subject company
• Creighton O’M. Condon (person) — Authorized person to receive notices

FAQ

Key Financial Figures

• $0.10 — me of Issuer) Common Stock, par value $0.10 per share (Title of Class of Securiti
• $81.03 — Foundation Sale May 30, 2024 (220) $81.03 1 Pursuant to the Plan The Family Fo
• $80.21 — ndation Sale May 30, 2024 (274,228) $80.21 2 Pursuant to the Plan Richard M. Sc
• $80.03 — M. Schulze Sale May 30, 2024 (578) $80.03 1 Pursuant to the Plan Richard M. Sc
• $81.38 — Schulze Sale May 31, 2024 (348,315) $81.38 3 Open Market Richard M. Schulze Sa
• $80.26 — Schulze Sale May 31, 2024 (651,685) $80.26 4 Open Market Richard M. Schulze Sa
• $86.50 — Schulze Sale June 3, 2024 (16,254) $86.50 5 Open Market Richard M. Schulze Sa
• $85.84 — Schulze Sale June 3, 2024 (983,746) $85.84 6 Open Market 1. The price reported
• $81.00 — ple transactions at prices ranging from $81.00 to $81.05, inclusive. The reporting per
• $81 — ctions at prices ranging from $81.00 to $81.05, inclusive. The reporting person und
• $80.00 — ple transactions at prices ranging from $80.00 to $80.99, inclusive. The reporting per
• $80 — ctions at prices ranging from $80.00 to $80.99, inclusive. The reporting person und
• $86.41 — ple transactions at prices ranging from $86.41 to $86.57, inclusive. The reporting per
• $86 — ctions at prices ranging from $86.41 to $86.57, inclusive. The reporting person und
• $85.35 — ple transactions at prices ranging from $85.35 to $86.33, inclusive. The reporting per

Filing Documents

• ss3476231_sc13da.htm (SC 13D/A) — 136KB
• ss3476231_ex99a.htm (EX-99.A) — 9KB
• 0000947871-24-000563.txt ( ) — 147KB

Security and Issuer

Item 1. Security and Issuer. This Amendment No. 13 to the Schedule 13D (this “ Amendment No. 13 ”) relates to the common stock, par value $0.10 per share (the “ Shares ”), issued by Best Buy Co., Inc., a Minnesota corporation (the “ Company ”), and hereby amends the Schedule 13D filed with the Securities and Exchange Commission on January 15, 1996 (the “ Initial Schedule ”), as amended and supplemented by Amendment No. 1 filed on June 7, 2012, Amendment No. 2 filed on August 6, 2012, Amendment No. 3 filed on August 16, 2012, Amendment No. 4 filed on August 20, 2012, Amendment No. 5 filed on August 20, 2012, Amendment No. 6 filed on August 27, 2012, Amendment No. 7 filed on December 14, 2012, Amendment No. 8 filed on March 1, 2013, Amendment No. 9 filed on March 25, 2013, Amendment No. 10 filed on October 23, 2013, Amendment No.11 filed on September 30, 2015, and Amendment No. 12 filed on January 20, 2023 (the “ Amendments ”, together with the Initial Schedule, the “ Schedule 13D ”) on behalf of the Reporting Persons. Capitalized terms used but not defined herein shall have the meanings attributed to them in the Schedule 13D. All items or responses not described herein remain as previously reported in the Schedule 13D.

Purpose of Transaction

Item 4. Purpose of Transaction.

is hereby amended and supplemented

Item 4 is hereby amended and supplemented to add the following: From May 30, 2024 through June 3, 2024, the Family Foundation and Mr. Schulze sold Shares into the open market pursuant to a pre-arranged trading plan (the “ Plan ”), which Mr. Schulze adopted on March 20, 2024. In addition, Mr. Schulze sold Shares into the open market on May 31, 2024 and June 3, 2024. The Shares were sold as part of Mr. Schulze’s personal long-term strategy for asset diversification and liquidity. The Plan expired upon the sale of the Shares. Effective June 3 2024, Mr. Schulze adopted a pre-arranged trading plan to sell Shares owned by the Reporting Persons in the open market (the “ June 2024 Plan ”) . The Shares to be sold pursuant to the June 2024 Plan are part of Mr. Schulze’s personal estate planning. The Shares to be sold are

Interests in Securities of the Company

Item 5. Interests in Securities of the Company.

is hereby amended

Item 5 is hereby amended as follows: The first two paragraphs of Item 5(a) are hereby amended and restated as follows: (a) The percentages used herein are calculated based upon 215,381,395 Shares outstanding as of March 13, 2024, as reported by the Company in the March 15, 2024 Form 10-K. As of the date of this Amendment No. 13, the Reporting Persons beneficially owned in the aggregate 17,860,209 Shares, constituting approximately 8.3% of the outstanding Shares. As of the date of this Amendment No. 13, the Reporting Persons may be deemed to have direct beneficial ownership of the Shares as follows:

(a)(i) is hereby

Item 5(a)(i) is hereby amended and restated in its entirety as follows: (i) Mr. Schulze, individually and as trustee to the various trusts listed in Item 2(i), beneficially owns 17,860,209 Shares, constituting approximately 8.3% of the outstanding Shares. Mr. Schulze disclaims beneficial ownership of such Shares for all other purposes. This figure excludes (a) 7,677,880 Shares held in trusts for the benefit of Mr. Schulze’s spouse, Mr. Schulze’s children and grandchildren, and the children of Mr. Schulze’s spouse, and (b) 172,831 Richard M Schulze Qualified Terminable Interest Property Marital Trust, in each case as to which Mr. Schulze disclaims beneficial ownership.

(a)(iii) is hereby

Item 5(a)(iii) is hereby amended and restated in its entirety as follows: (iii) Olympus B may be deemed to own beneficially (as that term is defined in Rule 13-d under the Securities Exchange Act of 1934) 702,903 Shares, constituting approximately 0.3% of the outstanding Shares. Olympus B disclaims beneficial ownership of such Shares for all other purposes.

(a)(v) is hereby

Item 5(a)(v) is hereby amended and restated in its entirety as follows: (v) The Family Foundation may be deemed to own beneficially (as that term is defined in Rule 13-d under the Securities Exchange Act of 1934) 296,100 Shares, constituting approximately 0.1% of the outstanding Shares. The Family Foundation disclaims beneficial ownership of such Shares for all other purposes.

(b) is hereby amended

Item 5(b) is hereby amended and restated in its entirety as follows: (b) Mr. Schulze has the sole power to vote or direct the vote of and to dispose of or direct the disposition of 16,829,534 Shares. Mr. Schulze has shared power to vote or direct the vote of and to dispose of or direct the disposition of 1,030,675 Shares. Olympus A may be deemed to share with Mr. Schulze the power to vote or direct the vote of and to dispose of or direct the disposition of 31,672 Shares. Olympus B may be deemed to share with Mr. Schulze the power to vote or direct the vote of and to dispose of or direct the disposition of 702,903 Shares. RMSJS may be deemed to share with Mr. Schulze the power to vote or direct the vote of and to dispose of or direct the disposition of 31,672 Shares beneficially owned by Olympus A. The Family Foundation may be deemed to share with Mr. Schulze the power to vote or direct the vote of and to dispose of or direct the disposition of 296,100 Shares.

(c) is hereby amended

Item 5(c) is hereby amended and restated in its entirety as follows: (c) Mr. Schulze made the following transactions in the Shares that were effected during the past sixty days. Identity Transaction Type Date Number of Shares Price Per Share Where and How the Transaction Was Effected The Family Foundation Sale May 30, 2024 (220) $81.03 1 Pursuant to the Plan The Family Foundation Sale May 30, 2024 (274,228) $80.21 2 Pursuant to the Plan Richard M. Schulze Sale May 30, 2024 (578) $80.03 1 Pursuant to the Plan Richard M. Schulze Sale May 30, 2024 (724,974) $80.21 2 Pursuant to the Plan Richard M. Schulze Sale May 31, 2024 (348,315) $81.38 3 Open Market Richard M. Schulze Sale May 31, 2024 (651,685) $80.26 4 Open Market Richard M. Schulze Sale June 3, 2024 (16,254) $86.50 5 Open Market Richard M. Schulze Sale June 3, 2024 (983,746) $85.84 6 Open Market 1. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $81.00 to $81.05, inclusive. The reporting person undertakes to provide to the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. 2. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $80.00 to $80.99, inclusive. The reporting person undertakes to provide to the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. 3. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $81.00 to $81.81, inclusive. The reporting person undertakes to provide to the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. 4.

Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Company

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Company.

is hereby amended and supplemented to

Item 6 is hereby amended and supplemented to add the following: Effective June 3, 2024, Mr. Schulze adopted the June 2024 Plan, a discussion of which is contained in Item 4 hereof and is incorporated into this Item 6 by reference.

Materials to be Filed as Exhibits

Item 7. Materials to be Filed as Exhibits. Exhibit A: Joint Filing Agreement, dated June 5, 2024, among the Reporting Persons SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. DATED: June 5, 2024 By: /s/ Richard M. Schulze RICHARD M. SCHULZE OLYMPUS INVESTMENTS LIMITED PARTNERSHIP A By: /s/ Richard M. Schulze RICHARD M. SCHULZE OLYMPUS INVESTMENTS LIMITED PARTNERSHIP B By: /s/ Richard M. Schulze RICHARD M. SCHULZE OLYMPUS INVESTMENTS LIMITED PARTNERSHIP C By: /s/ Richard M. Schulze RICHARD M. SCHULZE RMSJS LLC By: /s/ Richard M. Schulze RICHARD M. SCHULZE THE RICHARD M. SCHULZE FAMILY FOUNDATION By: /s/ Richard M. Schulze RICHARD M. SCHULZE [Signature Page to Schedule 13D/A (Amendment No. 13)]

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View this SC 13D/A filing on SEC EDGAR