Best Buy White Knight

A WHITE KNIGHT TO THE RESCUE? Best Buy founder Richard Schulze has put together a plan with Credit Suisse to pay as much as $26 a share for the company—47% more than its closing price last Friday. The offer, announced in a letter from Schulze to current board Chairman Hatim Tyabji sent the beleaguered company’s stock up about 19% to around $21 in early trading this morning. “I believe there is an urgent need for Best Buy to reinvigorate growth by reconnecting with today’s customers and building pathways to the next generation of consumers,” the letter says. His proposed acquisition “would allow Best Buy to take the actions that it needs to take outside of the public sphere.” Schulze is by far the largest Best Buy shareholder, owning more than 20% of the company’s stock. He resigned from the board in June after an Audit Committee report said he helped cover up former CEO Brian Dunn’s “in appropriate relationship” with a female employee. (8/3p)