Best Buy Co. founder Richard Schulze, who stepped down as chairman in June, offered to take the electronics retailer private at $24 to $26 a share. The stock had the biggest gain in more than three years.
Credit Suisse Group AG, Schulze’s financial adviser, is confident it can obtain financing for an offer, according to a letter sent to the board today. The offer is at least 36 percent more than Best Buy’s closing price Aug. 3, and the midpoint of the range gives the company an equity value of $8.5 billion.
