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Best Buy Founder Schulze Didn’t Meet Deadline to Buy Retailer

by Todd Haselton | March 1, 2013March 1, 2013 7:30 am PDT

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Best Buy founder Richard Schulze said in August that he was interested in acquiring Best Buy and taking it private. At the time, he offered to buy the company for $24-$26 per share, although he needed to work with private equity partners and others in order to raise the capital required. It appears that he wasn’t able to meet those goals. Sources speaking to Bloomberg recently said that Schulze didn’t place his final offer by yesterday’s deadline.

Sources speaking to Bloomberg said Schulze wasn’t able to “line up debt and equity financing” from his partners. As of October, Schulze was allegedly working with partners Apollo Global Management, Cerberus Capital Management, TPG Capital and Leonard Green & Partners. Credit Suisse Group AG was signed on to help assist in the deal.

Best Buy is currently trading around $16.41, up 5.73 percent on the day.

Bloomberg

Todd Haselton

Todd Haselton has been writing professionally since 2006 during his undergraduate days at Lehigh University. He started out as an intern with...

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