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October 31, 2014

Schulze commited to Best Buy takeover

More than a week after he went public with his bid to take the Richfield-based electronics giant private, co-founder Richard Schulze sent a letter to the Best Buy Board of Directors on Thursday requesting permission to form a group and conduct basic due diligence so that he can present a fully financed offer for the company. Schulze wrote, “you should know that I am not going away.”

He also says he’s committed to his offer for the world’s largest consumer retailer and has heard from a number of private equity firms prepared to make “significant commitments,” the Associated Press reports.

Schulze made an offer of $24 to $26 per share for Best Buy, which values the company at nearly $9 billion. Schulze is Best Buy’s largest shareholder with 20.1 percent of the company’s stock.

Analysts have been skeptical of Schulze’s plan to get a deal done.