电子零售巨头百思买（Best Buy）宣布管理层重大调整，并警告公司称第三季度营收将大幅低于预期后，百思买股价在昨天遭受重创。截至收盘时段，百思买股价下跌超过10%，收盘价为15.17美元，百思买目前市值仅剩57亿美元。

    有些人认为，这意味着百思买被其创始人迪克•舒尔茨收购的可能性又大了一点。但我不这么认为。

    首先，舒尔茨根本没有出价。8月27日，位于明尼阿波利斯市的百思买公司表示，舒尔茨可以查看公司的账簿，组织一个投资者团体（明尼苏达州法律允许的特殊情况）。然后，他将有60天时间，拟定一个全资收购计划。而不管按什么历法算，今天都已经是第60天了。

    一位接近百思买的内部人士透露，现在，舒尔茨提出全资收购计划的最后期限实际是在11月中下旬，但不清楚到底是因为什么原因。或许是舒尔茨要求并如愿获得30天延期（我们之前曾提到过这种可能性）。又或许这笔交易进行了修改，而60天的期限是从修改之后开始计时。我所知道的是，百思买一直很坚持，不愿收购一事拖到假期购物季。所以我无法想象，舒尔茨的最后期限是11月中旬，之后还能获得30天的延期（除非百思买近期的股价下跌已经摧毁了该公司的财务杠杆）。

    我们暂且不提最后期限的事，按常理来看，似乎是百思买的业绩越差，舒尔茨的收购就越容易。因为这是定价的一个砝码。而百思买的股价跌得越狠，舒尔茨需要筹集的外部资金就越少。

    但不要忘了，舒尔茨不仅仅只向Leonard Green和TPG资本（TPG Capital）等私募资本发出了邀请。他还需要数十亿美元的杠杆贷款，而这一次，各大银行在贷款额之外，将更多重心放在了信贷风险评估上。

    百思买发布最新的财务指南之前，该公司就已沦为垃圾债券，而现在的形势只会更糟糕。多位私募资本内部人士向我透露，许多银行——其中不包括正与舒尔茨合作的瑞士信贷（Credit Suisse）——对这笔交易深表怀疑。昨天的新闻可能会成为压倒百思买的最后一根稻草。鉴于百思买的债务如此庞大（超过50亿美元），舒尔茨需要几家银行联合提供资金。

    没错，舒尔茨承担了很大压力，必须提出一个方案。舒尔茨是明尼阿波利斯市的商业偶像。他这次发布新闻稿，开启与百思买的谈判，可谓押上了自己的身家信誉。但最终事情恐怕由不得他做主。

    译者：项航

    Best Buy shares took a beating today, after the electronics retailer announced a management shakeup and warned that third quarter earnings would be significantly worse than previously expected. Shares were off more than 10% to finish the day at $15.17 a piece, which represents a market cap of just $5.7 billion.

    To some, this means that Best Buy (BBY) is just one step closer to being acquired by company founder Dick Schulze. But I wouldn't be quite so sure.

    For starters, where is the offer? On August 27, Minneapolis-based Best Buy said that Schulze could see the company's books and put together an investor group (something otherwise permitted by Minnesota law). He then would have 60 days to put together a fully-financed offer. According to the Gregorian calendar (otherwise known as the Outlook calendar), today is Day #60.

    A source close to Best Buy says that Schulze now actually has until sometime in mid-to-late November, but was unclear as to exactly why. Perhaps he asked for, and received, a 30-day extension (as we mentioned was possible at the time). Or maybe the deal was reworked or the clock actually started later. All I know is that Best Buy had been quite adamant that it didn't want the process bleeding into the holiday shopping season, so I can't imagine that Schulze has until mid-November and then could get a 30-day extension from that point (unless its recent stock woes have destroyed is leverage).

    But leaving due dates aside, conventional wisdom seems to be that Schulze's job gets easier the worse Best Buy performs. It's a pricing argument. The lower Best Buy's stock sinks, the less outside capital Schulze needs to raise.

    What it forgets, however, is that Schulze isn't only propositioning private equity partners like Leonard Green and TPG Capital. He also needs to secure billions of dollars in leveraged loans, and banks pay more attention to credit risk than to the check size.

    Best Buy already was a junk bond deal before the latest financial guidance, which means that today it smells even worse. I've been hearing from private equity sources that many banks have expressed serious doubts -- outside of Credit Suisse (CS), which is working with Schulze -- and that today's news could be the final straw. And, given the amount of debt we're talking about (in excess of $5 billion), Schulze needs several banks to step up.

    To be sure, Schulze is under a lot of pressure to put something on the table. He's a business icon in Minneapolis, and put his credibility on the line by initially negotiating with Best Buy via press release. But, in the end, it may not be up to him.