Dec. 13, 2012
Best Buy co-founder Richard Schulze will make a fully financed offer to purchase the electronics retailer by the end of the week, possibly on Friday, according to the Star Tribune.
A formal proposal to the board of directors before the Sunday deadline is expected to be at least $5 billion to $6 billion.
Schulze and his team secured agreements to finance the deal from bankers and private equity investors, which includes Cerberus, Leonard Greene & Partner and the Texas Pacific Group, according to the article, citing an anonymous source. It is unclear how much Schulze will offer for the company, with investors expecting the bid to be much lower than the range of $24 to $26 per share that Schulze first outlined over the summer.
Best Buy began as a single store in St. Paul in 1966 and has grown into a global force with more than $50 billion in annual sales and more than 100,000 employees, the article reported.
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