66°

Topics

Apple Store
Best Buy founder Richard Schulze offers to buy struggling company
Best Buy founder Richard Schulze offers to buy struggling company

Richard Schulze has offered $24 to $26 a share to buy Best Buy, the teetering electronics retailer he founded in 1966 and helped run for decades before being elbowed out in a scandal this spring.Schulze is already the Minnesota company’s largest stakeholder, with 20.1%, or about 69 million shares. He is proposing to buy up the rest of the outstanding shares in a deal that, at the midpoint of the range, would value the company at $8.5 billion.The bid represents a premium of 36% to 47% on Best Buy’s Friday closing price of $17.64 a share. On Monday, the stock surged as much as 22.4% to $21.60 before settling down to $20.27 a share in morning trading.Schulze was Best Buy’s chairman until...

Loading