Richard Schulze send offer letter to the board
Posted August 7, 2012
Best Buy founder Richard Schulze announced his bid to buy the company for $24 to $26 a share, a deal valued around $10 billion, reports The Wall Street Journal.
Schulze started the electronics retailer 46 years ago and owns 20 percent of it. He resigned as chairman in June after several years of shriveling sales and a corporate-governance scandal.
Before the purchase can be approved, Schulze must first get approval of the Best Buy board, under Minnesota law, The Journal reports. "Immediate and substantial changes are needed for the company to return to its market-leading ways," Schulze said in a news release announcing his bid.