Best Buy Co. founder Richard Schulze, who has offered to take the retailer private, repeated a request that the company’s board allow him to conduct due diligence.
In a letter yesterday, Schulze requested the board’s consent to allow him to form a group to support his proposal to acquire Best Buy for $24 to $26 a share.
Schulze, who held more than 20 percent of Richfield, Minn.-based Best Buy as of June, plans to contribute at least $1 billion in equity.
The rest would be financed through a combination of private equity and debt financing, according to the letter. Credit Suisse Group is also confident it can arrange the debt financing, he said.
Schulze initially sought permission to conduct due diligence Aug. 6 when he proposed acquiring Best Buy. He’s recruiting executives including former CEO Brad Anderson to revive sales as Amazon.com, Wal-Mart Stores and other rivals have lured customers.
Best Buy reiterated in a statement yesterday that it will consider Schulze’s letter pertaining to his “highly conditional unsolicited indication of interest.”
The retailer said Minnesota law doesn’t prevent Schulze from further exploring and engaging in discussions with private equity partners and that he doesn’t need the consent of the board to bring forward a proposal naming them.