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Best Buy Founder Offers To Buy Company

By TechTaffy Desk

[Techtaffy Newsdesk]

The Best Buy board has received a letter requesting due diligence and outlining “an unsolicited, highly conditional indication of interest” from Richard Schulze, founder and 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.

The electronics retail giant says that its board will review and consider the letter in due course,  in consultation with its financial advisors, Goldman Sachs and J.P. Morgan and its legal advisor, Simpson Thacher & Bartlett.

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