News Summary: Best Buy co-founder makes offer

AP News
|
Posted: Aug 06, 2012 11:31 AM
News Summary: Best Buy co-founder makes offer

THE NEWS: Best Buy co-founder and former chairman Richard Schulze on Monday made public an offer to take the company private in a deal that would value the company at as much as $8.84 billion.

THE CONTEXT: A possible bid from Schulze had been expected since he said in June he was reviewing options for his 20.1 percent stake. The Minneapolis company is struggling to stay relevant as more and more people buy electronics online. Over the past year it has announced a major restructuring plan and fired its CEO.

WHAT'S NEXT: Best Buy has said it will review the "unsolicited, highly conditional" offer.