Schulze Bid For Best Buy Seen This Week
Best Buy founder Richard Schulze is expected to submit a takeover bid for the company between $5 and $6 billion this week, the Minneapolis Star Tribune reported Thursday.
The bid is fully financed, and backed by such firms as Cerberus, Leonard Greene & Partner and the Texas Pacific Group, the report said. A Sunday deadline had been set for a bid from Schulze's group.
Schulze, who founded the company and resigned as chairman earlier this year, is being advised by fellow former Best Buy CEO Brad Anderson.