Best Buy (BBY) Moves Higher as Schulze's $24-$26/Share Bid Gains Traction

August 16, 2012 8:38 AM EDT
Best Buy Co. (NYSE: BBY) shares are trading higher Thursday following a letter issued earlier by Richard Schulze that he found financing for his proposed $24 - $26 per share bid for the big box retailer.

In addition, Schulze requested due diligence information from Best Buy.

Schulze said his bid would be "financed through a combination of private equity investment, my own substantial equity investment and debt financing."

Best Buy shares are up 2.6 percent early.

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