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Best Buy Founder Is Said to Consider a Takeover Bid
BY MICHAEL J. DE LA MERCED AND STEPHANIE CLIFFORDJune26, 2012
Richard Schulze, the founder of Best Buy, is exploring putting together a bid to take the struggling electronics retailer private, according to people briefed on the matter.
Mr. Schulze, who resigned from the company’s board this month, has been begun working with bankers from Credit Suisse to consider such a move, these people said. They said he would probably team up with a private equity firm or other deep-pocketed investor. With a 20.1 percent stake, he is the company’s largest shareholder.
But Mr. Schulze may instead sell his stake, these people cautioned. On the same day that he said he had resigned from the board a year ahead of schedule, Mr. Schulze made public his intention to sell. The resignation helps free him to explore a takeover bid for the company he founded more than 40 years ago.