Best Buy Founder Offers $8.8 Billion to Buy Out Company

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By Mark Scott, New York Times

“Richard Schulze, the founder of Best Buy, offered to buy the electronics retailer on Monday in a deal that would value it as much as $8.8 billion.

A deal near that price would be biggest ever buyout of an American retailer, according to S.&P. Capital IQ data, topping the $8.4 billion buyout of Toys “R” Us in 2005.

Mr. Schulze, who resigned from the company’s board in June, said he would offer Best Buy shareholders $24 to $26 for each of their shares in the electronics company, according to a letter sent to the board that he made public.”

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