Best Buy Owner Offers Buyout

Best Buy's founder, Richard Schulze, is offering shareholders $24 to $26 per share in an attempt to buy the struggling company. The deal would value Best Buy at as much as $8.8 billion, the largest ever buyout of an American retail company. Schulze, who owns 20.1 percent stake currently, is the largest shareholder. “Bold and extensive changes are needed for Best Buy to return to market leadership,” Schulz said. “The company’s best chance for renewed success will be to implement these changes under a different ownership structure.”