Best Buy founder bids $9bn for retailer

The original founder of the US retailer Best Buy has made an unsolicited offer to buy the company

Best Buy could be heading into private ownership if its billionaire founder gets the green light for a takeover bid of the tech retailer.

The company exited the UK last year after a failed attempt to establish a network of 11 stores did not deliver the results required to keep the business, which was co-backed by Carphone Warehouse, on schedule to meet its targets.

Even in its native US the company has been struggling against competition and the on-going economic fragility of the market but shares climbed by 13% after Richard Schulze emerged as a potential bidder for the business.

Schulze already owns 20% of the business and is expected to plough around $1bn of his own money into a $9bn takeover, which would also involved the backing of private equity groups.

He set up the retailer back in 1966 but quit as chairman back in June after the chief executive Brian Dunn left the business under a cloud.

Best Buy's board described the unsolicited offer from Schulze as "highly conditional" and will now review the offer and consider the best options for shareholders.

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