Financial Crisis

Best Buy Founder Makes Takeover Offer

Richard Schulze, who owns 20 percent of Best Buy, has offered to buy the rest of the company for $8.8 billion.

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The founder and former chairman of US electronics retailer Best Buy has offered to buy the struggling retailer for $8.8bn (£5.66bn).

Richard Schulze owns 20% of Best Buy and offered to buy the shares he does not own for between $24 and $26 per share, a premium of as much as 47% to Friday's closing share price.