(Photo : REUTERS/Shannon Stapleton )
Looks like Richard Schulze won't sit back idly and watch his creation flounder in the deep end. The co-founder of Best Buy has submitted a buyout offer that would value the company at $8.84 billion in an effort to help the company restructure itself to stay relevant.
Schulze already owns around 20.1 percent of the company's stock. In order to complete the purchase, he will need to come up with $6.9 billion.
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The buyout offer caused shares of Best Buy to climb 10 percent in the morning.
The offer comes only a few months after Schulze stepped down as the company chairman amid allegations that he knew about CEO Brian Dunn's inappropriate relationship with a female employee.
Now, however, he seems poised to retake Best Buy by the reigns and help it succeed in a changing electronics marketplace by taking the company private.
"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," Schulze said in a statement. "After assessing all of my options, it is my strong belief that Best Buy's best chance for renewed success is to implement with urgency the necessary changes as a private company."
Rival electronics outlet Circuit City went bankrupt in 2009 due to changing shopper habits and more people purchasing their electronics online. Best Buy currently has over 1,000 stores in the United States alone.
Schulze outlined his plan in a letter to the board. He claimed that he would use private-equity firms, his equity investment of approximately $1 billion, and debt to help the company out of its rut. He received a nod of approval from his financier, Credit Suisse, which is confident Schulze has the necessary skills and assets for the transaction to take place.