Schulze's Final Push to Take Best Buy (BBY) Private

December 13, 2012 7:31 AM EST
Best Buy (NYSE: BBY) founder Richard Schulze is expected to renew efforts to purchase the big box retailer this week, with an offer that is said to be at least $5 to $6 billion, according to reports in the StarTribune. Citing sources, the paper said Schulze will submit a formal proposal to the board before Sunday.

This weekend Schulze was able to secure agreements with bankers in private equity firms, including Cerberus, Leonard Greene & Partner, and the Texas Pacific Group. Schulze is planning to meet with Best Buy management on Thursday and Friday of this week, with hopes of moving forward.

If an agreement is reached, the finial sale price is expected to be lower than Schulze's original offer of $24 to $26 per share. Some are speculating he will pay $17 per share.

Shares of Best Buy last traded at $13.82, up 13.5 percent.

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