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Schulze group may abandon Best Buy takeover, settle for minority share

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Best Buy founder Richard Schulze may be considering giving up on his long-awaited move to buy the electronics retailer and take it private.

According to a Wall Street Journal story, Schulze and the investors he's recruited are thinking of giving up their takeover bid and instead purchasing a minority share of Best Buy. Unidentified sources tell the Journal Schulze's group is having trouble finding banks willing to finance the deal.

Best Buy's board has already given Schulze an extension of his timeframe to pull together a deal. The new deadline arrives at the end of this month.

Best Buy's stock price was boosted recently, after the company reported holiday sales figures that beat Wall Street expectations.

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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."