Best Buy Founder Values Co. At Up To $8.8B In Buyout Bid

Law360, New York (August 6, 2012, 12:13 PM EDT) -- Best Buy Co. Inc. founder and former chairman Richard Schulze confirmed Monday that he offered to buy the portion of the Richfield, Minn.-based company he doesn't already own alongside private equity investors in a deal that values the electronics retailer at up to $8.8 billion.

The move follows two months of speculation over whether Schulze would take the 46-year-old company private after he stepped down as chairman in early June and announced he would “explore all viable options” for his 20.1 percent controlling interest in the...
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