Best Buy Founder Schulze Bids to Buy Company

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Best Buy founder and former Chairman Richard Schulze offered to buy up all the shares of Best Buy that he doesn’t already own and to take Best Buy private.

Best BuySchulze already owns 20.1 percent of the retailer’s shares.  His bid, at $24 to $26 per share, is over 36 percent higher than the current price of the stock as of Friday, said The Wall Street Journal.

“There is no question that now is the moment of truth for Best Buy and that immediate and substantial changes are needed for the company to return to its market-leading ways,” Mr. Schulze said, according to The WSJ.  “After assessing all of my options, it is my strong belief that Best Buy’s best chance for renewed success is to implement with urgency the necessary changes as a private company.”

The news sent Best Buy stock surging 25 percent in premarket trading.

Schulze was CEO of Best Buy for 36 years, until 2002.

Source: The Wall Street Journal

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