Best Buy founder Richard Schulze.
(Credit: Best Buy)
Best Buy founder Richard Schulze is closer to making his plans to buyout his creation a reality.
Schulze and private equity firms are currently analyzing Best Buy's books to help them determine the right price to acquire the remaining shares in Best Buy, Reuters is reporting today, citing sources. Those same sources say that the deal could hit as much as $11 billion.
However, there is still a lot of work to be done before Schulze and his partners will even entertain making an offer. According to Reuters' sources, Schulze, who started Best Buy in 1966, has yet to secure his financing for the deal, and equity firms are trying to determine how his 20 percent ownership in the retailer will play into their decision. If the parties come together for a buyout, it likely won't happen until the middle of November, at the very earliest.
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