Best Buy founder offers to buy shares for $24-$26 each

RICHFIELD, Minn., Mon Aug 6, 2012 – Best Buy Co. Inc. founder and former Chairman Richard Schulze on Monday offered to buy the shares he does not already own in the electronics retailer for $24 to $26 each.

Schulze, who owns 20.1 percent in Best Buy and is its largest shareholder, said he has held talks with top private equity firms. His offer would value the firm at between $8.16 billion and $8.84 billion.

The offer would represent a premium of between 36 percent and 47 percent over Best Buy shares’ closing price on Friday of $17.64.