Best Buy (BBY) Affirms Receipt of $24 - $26/Share Bid from Founder Schulze

Best Buy Co., Inc. (NYSE: BBY) confirmed that its Board of Directors has received a letter requesting due diligence and outlining an unsolicited, highly conditional indication of interest from Richard Schulze , former chairman of Best Buy , to acquire all of the outstanding shares of Best Buy that he does not already own for a per-share price of $24 to $26 . This has come through a public letter addressed to the Board.

Best Buy's Board of Directors will review and consider the letter in due course, consistent with its fiduciary duties, in consultation with its financial advisors, Goldman, Sachs & Co. and J.P. Morgan and its legal advisor, Simpson Thacher & Bartlett LLP . Best Buy said that its Board of Directors will evaluate this proposal carefully and will, as always, pursue the best course for its shareholders.

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