Richard Schulze’s bid to regain control of the electronics retail chain he founded in 1966 may be nearing an end.
Sources tell Reuters that Schulze is looking for investment partners to buy a minority share in Best Buy (NYSE:BBY) instead of trying to acquire the whole company after failing to obtain the required financing to take the retailer private. Schulze currently owns about 20% of Best Buy.
Shares of Best Buy surged about 5% in Thursday morning trading.
Last year, Schulze announced plans to launch a takeover bid for the struggling big-box retailer, valuing the company at as much as $11 billion.
That came after he was forced to resign as Best Buy’s chairman in May when it emerged that Schulze failed to inform the board after discovering an inappropriate relationship between ousted CEO Brian Dunn and a female employee.
In August, Best Buy hired turnaround expert Hubert Joly as its new CEO.