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BBY Best Buy founder floats up to $9

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Monday, August 06, 2012 9:19:45 AM
Re: None Post # of 37227 
BBY Best Buy founder floats up to $9 bln buyout offer
BY MarketWatch 8:57 AM ET 08/06/2012

http://stockcharts.com/h-sc/ui?s=BBY

NEW YORK (MarketWatch) -- Best Buy Co. Inc. (BBY) founder and former chairman Richard Schulze on Monday offered $24 to $26 a share for the roughly 80% of the electronics retailer he does not already own. The price represents a 36% to 47% premium over the shares' last Friday closing price, Schultze said. A Schulze spokesman said the total value of the proposed deal could reach $9 billion. The former chairman is currently Best Buy's (BBY) largest shareholder, with a 20.1% stake. In a press release, Schultze said that he has talked with some private equity firms about participating in the transactions and that he, "plans to finance the proposed acquisition through a combination of investments from the private equity firms, reinvestment of approximately $1 billion of his own equity, and debt financing." He added that his financial adviser, Credit Suisse, has said it is highly confident that it can arrange the needed debt financing for the deal. "This proposal represents a unique win-win opportunity for everyone involved. It would create a new day for Best Buy (BBY) employees and provide public shareholders with a significant all-cash premium for their shares," Schulze concluded


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