American technology retailer Best Buy Co. Inc. has confirmed that it’s received a letter from Richard Schulze, the company’s founder and former chairman, outlining an offer to acquire all the Best Buy shares he doesn’t already own. Mr Schulze resigned as chairman in June this year.
His offer of $24 to $26 per share is significantly above the current trading price for the company’s shares, which are trading at around $20.
The entrepreneur’s plans include investing $1 billion of his own money and attracting additional private equity funding. It could lead to the USA’s largest-ever retail takeover.