Schulze expected to make bid for Best Buy Friday, report says - Bring Me The News

Schulze expected to make bid for Best Buy Friday, report says


The Star Tribune reports Best Buy Co. founder Richard Schulze will make an offer to purchase the struggling electronics retailer by the end of the week.

Schulze has until Sunday's deadline, but the newspaper says the offer between $5 billion to $6 billion could come Friday.

The buyout was previously expected to be as much as $7 billion.

Schulze and his team secured agreements to finance the deal from bankers and private equity investors over the weekend. He will meet with his top investors in Minnesota Thursday and Friday as they prepare to move forward.

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Best Buy bid delayed?

Richard Schulze wants more time before making an offer for Best Buy, the company that he founded. Reuters reports Schulze, who has been working on his offer for months, is expected to take a 30-day extension to mid-December before submitting his final purchase proposal to Best Buy's board. Citing sources close to Schulze, the Star Tribune reported that his bid would come next week.

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.

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."