More than a week after he went public with his bid to take the Richfield-based electronics giant private, co-founder Richard Schulze sent a letter to the Best Buy Board of Directors on Thursday requesting permission to form a group and conduct basic due diligence so that he can present a fully financed offer for the company. Schulze wrote, “you should know that I am not going away.”
He also says he’s committed to his offer for the world’s largest consumer retailer and has heard from a number of private equity firms prepared to make “significant commitments,” the Associated Press reports.
Schulze made an offer of $24 to $26 per share for Best Buy, which values the company at nearly $9 billion. Schulze is Best Buy’s largest shareholder with 20.1 percent of the company’s stock.
Analysts have been skeptical of Schulze’s plan to get a deal done.