Best Buy Surging on Possible Buy Out by Co-Founder

Financial News Network
September 21, 2012 AT 6:38 PM
Best Buy (NYSE:BBY) surging as high as 6% today on news that co-founder Richard Schulze could buy out the company and take it private.The electronic retailer announced it will allow Schulze to gain access to confidential financial statements and let him form an investment group to make a bid. Under the terms of the agreement, Schulze and those involved in his investment group will have 60 days to present a fully financed proposal.Schulze first proposed takeover suggested buying the company for $24 to $26 per share. Currently, Best Buy stock is up over 4% to $18.06 per share.