Click to Skip Ad
Closing in...

Best Buy founder makes $8.5 billion bid to take company private

Best Buy (BBY) founder and the company’s largest shareholder Richard Schulze has offered as much as $8.5 billion to take the company private, Bloomberg reported on Monday. Schulze had been rumored to be preparing a takeover offer for some time, and he recently assembled a team of executives that will run the company if his buyout offer is approved. His offer amounts to between $24 and $26 per share, a premium of as much as 47% over Best Buy’s stock price at Friday’s close. Shares of Best Buy jumped 24.55% to $21.97 in pre-market trading on news of Schulze’s offer.

Read

Zach Epstein

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content.

Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment. His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.