Best Buy founder Richard Schulze, along with several equity firms, has begun an examination of the electronic retailer’s books to see if an offer can be put together to purchase the company.
According to a report from Reuters, Schulze has begun the due diligence process on Best Buy’s financial records as he and the board agreed to in Aug. Under this arrangement, Schulze has 60 days to present an offer to the board from the time the examination begun, and should that one fail, he will be able to make another at the end of Jan. 2013.
Joining in this process of examining the books is Apollo Global Management LLC, Cerberus Capital Management LP, TPG Capital LP and Leonard Green & Partners LP, with financial advisers at Credit Suisse Group AG assisting Schulze. Should the offer come together, it will be up to the company’s founder to align all of the groups together in the deal, but the earliest that may happen is mid-Nov.
The number still floating around is that Schulze will offer between $24 and $26 a share, with the stock currently trading between $17 and $18. Will it be enough to lure everyone in? It remains to be seen. The company is in bad shape, and who knows what, if anything, can save it at this point. It might just end up being the perfect time to leave.