Richard Schulze, founder and former CEO of struggling big-box retailer Best Buy (NYSE:BBY), submitted a bid Monday to buy the company and take it private.
Best Buy said in a news release that the company’s board received Schulze’s “unsolicited, highly conditional” request in a public letter. Schulze, who was forced to resign from the company earlier this year, is offering to pay a per-share price of $24 to $26 to acquire all outstanding shares. He already owns about 20% of the company’s 339 million shares.
“I have been actively exploring all available options for my ownership stake,” Schulze said in the letter. “That exploration has reinforced my belief that bold and extensive changes are needed for Best Buy to return to market leadership and has led me to the conclusion that the company’s best chance for renewed success will be to implement these changes under a different ownership structure.”
It’s been know since late June that Schulze was interested in acquiring the company. Schulze and Best Buy’s board have reportedly been in negotiations for several weeks regarding taking the company private, an unnamed source told Bloomberg. According to this source, the board does not think the company should go private while it’s searching for a new CEO.