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Richard Schulze wants his company back. And he’s willing to pay big bucks for it.
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The founder of US electronics giant Best Buy is looking to buyout the company he founded 36 years ago, in a bid to make it a privately owned entity and implement the changes he so desperately desires.
Schulze is proposing to pay Best Buy shareholders between $24-$26 per share for the 79.9% of the company he doesn’t own.
“There is no question that now is the moment of truth for Best Buy and that immediate and substantial changes are needed for the company to return to its market-leading ways,” Schulze said in a letter to the board.
Best Buy needs to grow “by reconnecting with today’s customers and building pathways to the next generation of consumers.”
“After assessing all of my options, it is my strong belief that Best Buy’s best chance for renewed success is to implement with urgency the necessary changes as a private company.”
Schulze, who was CEO of the company until 2002, is the giant’s biggest shareholder owning 20.1% of shares and has since held the role of Chairman although resigned from the role in June to examine his options.
The offer is “an unsolicited, highly conditional indication of interest” a Best Buy spokesperson said, meaning Schulze could be disappointed.
The deal values the company at roughly between $8.5-$8.8 billion.
The retailer proposes to finance the massive deal, if approved, by selling some of his own personal shareholding in Best Buy and investments from private-equity firms, according to Wall Street Journal.
The biggest electronics retailer in the US has suffered at the hands of Apple, Amazon and other online retailers and managerial strife, with CEO Brian Dunn also stepping down in April amid a sex scandal.
