Richard Schulze made an offer to buy the retailer for $26 a share.
Best Buy founder Richard Schulze stepped down as chairman earlier this year. Now he makes an offer to buy Best Buy and take it private. The purchase price would be in the range of $8.5 billion. Schulze offers about 35% more than the current trading value of Best Buy.
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According to Bloomberg Schulze has 20% of Best Buy and his motivation to buy the retailer is to make bold and extensive changes to bring Best Buy back to market leadership.