Minneapolis, MN-- Best Buy's founder says he wants to take the electronics retailer private by buying up all of its outstanding shares he doesn't already own for $24 to $26 each.
Richard Schulze also served as the Minneapolis-based company's chairman until resigning in June amid a scandal involving its CEO.
The offer represents a 36 percent to 47 percent premium over Best Buy's Friday closing stock price.
Schulze is Best Buy's largest shareholder, controlling about 20 percent of its shares.
He says he's developed a plan to deal with the company's challenges and has talked with private equity firms.
Schulze says he plans to finance the deal through a combination of private equity investments, about $1 billion of his own equity and debt.
Best Buy released a statement Monday afternoon confirming that its Board of Directors has received a letter requesting due diligence and outlining an unsolicited, highly conditional indication of interest from Schulze.
The company's response reads as follows: Best Buy's Board of Directors will review and consider the letter in due course, consistent with its fiduciary duties, in consultation with its financial advisors, Goldman, Sachs & Co. and J.P. Morgan and its legal advisor, Simpson Thacher & Bartlett LLP. Best Buy said that its Board of Directors will evaluate this proposal carefully and will, as always, pursue the best course for its shareholders.