Schulze, 4 Private Equity Firms Mull $11 Billion Bid for Best Buy (BBY)

October 3, 2012 7:05 AM EDT
Embattled big-box retailer Best Buy (NYSE: BBY) is back in the news today thanks to renewed reports that founder Richard Schulze and a number of private equity firms are getting closer to a takeover of the company in a deal that could be valued at $11 billion.

According to Reuters, Shulze and 4 private equity firms are pouring over the company's books. Schulze's previous offer at $24-26 per share fell through the cracks when questions arose about Schulze's conviction and his ability to secure the financing needed to close the deal.

Apollo Global Management LLC, Cerberus Capital Management LP, TPG Capital LP and Leonard Green & Partners are said to be the private equity firms conducting due diligence, along with Schulze and his financial advisers at Credit Suisse Group AG.

After closing at $17 per share on Tuesday, shares are indicated to open over $18 on Wednesday.

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