Best Buy's Schulze makes plans for $1B foundation - Bring Me The News

Best Buy's Schulze makes plans for $1B foundation


Best Buy founder Richard Schulze plans to slowly swell the size of his $100 million family foundation to $1 billion in an effort to seek transformational change in education and medicine "for the benefit of mankind," the Star Tribune reports.

The 72-year-old mogul told the newspaper Monday that he and his wife Maureen aim to gradually give half their net worth to the Minneapolis-based Richard M. Schulze Family Foundation.

The foundation has not been active in the months since Schulze's daughter Nancy Tellor left the foundation, but Schulze told the Star Tribune that Mark Dienhart, executive vice president and chief operating officer of the University of St. Thomas, will take the re-energized foundation's helm July 1. Schulze has been a long-time financial contributor to St. Thomas.

Schulze ranked No. 311 on Forbes' recent list of the world's billionaires, with a net worth of about $1.45 billion.

Schulze founded the electronics giant in Minnesota in 1966. But the struggling Minnesota-based retailer has seen a lot of upheaval in the last few years. Schulze, the publicly traded company's top shareholder, left the board last year and eventually launched an effort to acquire the big-box retailer and take it private. That plan was dropped, and Schulze rejoined the company in March as chairman emeritus.

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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 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."

Schulze to interview key Best Buy executives

Despite some opposition from board members, Best Buy CEO Hubert Joly has agreed to let company founder Richard Schulze and his team of potential investors to interview eight to 10 key executives, the Star Tribune reports. Schulze, Best Buy's largest shareholder, has until mid-November to make a buyout offer to take the struggling Richfield-based electronics retailer private. He is under a 60-day deadline to present a proposal to the company’s Board of Directors.

Key financiers support Schulze bid for Best Buy

Best Buy Co. Inc. founder Richard Schulze has recruited four big-name private equity firms – KKR & Co., Leonard Green & Partners, TPG Capital and Apollo Global Management – to help bankroll his $8.8 billion plan to buy the company, the Star Tribune reports.

Best Buy gives Schulze green light to pursue buyout

Richfield-based Best Buy Co. Inc. and its founder Richard Schulze have reached an agreement that gives Schulze permission to review the company's financials and form an investment group to finalize an official takeover bid, Forbes reports. If the initial proposal is rejected, Schulze has agreed to wait until January 2013 to pursue his plan to buy the struggling electronics giant. Schulze has 60 days to present a fully financed definitive proposal to Best Buy's Board of Directors.