Best Buy Founder Makes an Offer

In a move that's been expected for some time, Best Buy's founder Richard Schulze made an $8.8 billion buyout offer to the chain.

Schulze plans to fund the acquisition with approximately $1 billion of his own money, plus additional investment from private equity partners and debt financing.

According to the New York Times:

“There is no question that now is the moment of truth for Best Buy and that immediate and substantial changes are needed for the company to return to its market-leading ways,” Mr. Schulze said in a statement. “I am deeply concerned that further delay and indecision will cause additional loss of both value and talented leaders who are now uncertain of the company's future.”