Best Buy founder Schulze remains committed to takeover
MINNEAPOLIS — Best Buy co-founder Richard Schulze said Thursday that he is staying the course on his plan to acquire the company and take it private, adding that he has heard from a lineup of private equity firms prepared to make "significant commitments."
In a letter to the Best Buy board, Schulze indicated that he'd like to create a group and put forth a fully financed plan.
He said that Credit Suisse "is highly confident it can arrange the necessary debt financing," and that Credit Suisse has been contacted by "a number of major banks" that are interested in participating in the debt financing.
Schulze said he's willing to roll over at least $1 billion of his own equity into the deal and would consider putting up potentially his entire existing stake depending on terms the private equity firms want for the new ownership structure.
Schulze already owns 20.1% of the company's stock, so buying the rest of shares would mean coming up with about $6.9 billion.