Sources inform ''Globes'' that the Fishman group, which owns 49% of electronics appliance chain Best Buy, is in advanced negotiations to acquire fulll ownership from the company's founder, Neria Strauchler, who owns 51%.
In April 2000, the Fishman group bought 49% of Best Buy from the Strauchler family, at $10 million company value. Fishman holds an option to acquire the remaining Strauchler stake at the same value.
Apparently, Strauchler will find it hard to find an outside buyer for his share in the chain. In light of negative developments in the sector, there is no other outside investor on the horizon willing to acquire the shares at a similar value to that stipulated in the option owned by Fishman.
It is believed that Fishman will buy the outstanding shares and merge Best Buy with a competing electronic appliance chain.
Best Buy's annual sales are an estimated NIS 200 million. The chain has 15 stores and has three main competitors: newly merged Shekem Electric - Sensar, owned by Gershon Salkind, Traklin Electric, owned by Shaul Zilberstein, and Sakal Direct, owned by Solly Sakal.
Published by Globes [online] - www.globes.co.il - on 20 August 2002