BBY founder close to purchasing company

Former Best Buy chairman Richard Schulze is reportedly close to reaching an agreement to buy the company he founded, according to a Minneapolis Star Tribune report citing a source close to the situation.

The Star Tribune further reported that Schulze's bid would be at least $5 billion to $6 billion, citing the source. Company shares increased to $13.94 in early trading, up 14.5%. Its market value is $4.71 billion. If Schulze's bid is indeed between $5 billion and $6 billion, it would be well below his initial offer in August, which was between $8.16 billion and $8.84 billion.

Best Buy shares have fallen since August. Additionally, Best Buy reported a decline in same-store sales last month, its ninth in the last 10 quarters.

Schulze founded Best Buy in 1966, and is the company’s biggest shareholder, with 20% ownership.

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