Best Buy Co. founder Richard Schulze says his takeover offer gives the world’s largest electronics retailer its best shot at competing with Amazon.com Inc. and Wal-Mart Stores Inc. Bondholders aren’t convinced.

Best Buy has $1.5 billion of securities that have a so-called poison put, which requires the company to purchase the notes at 101 cents on the dollar in the event of an acquisition combined with a ratings downgrade. A total of $1 billion of that debt is trading as much as 11 cents below that repurchase price, indicating bondholders believe a buyout isn’t imminent.

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