Richard Schulze’s quest to acquire Best Buy is officially over as the deadline to make an offer for the consumer electronics giant has lapsed with no deal on the table.
Schulze, the billionaire investor who founded Best Buy in the 1960s, had until yesterday to make an offer and today the Minneapolis-based consumer electronics giant confirmed that he has not done so.
According to Bloomberg, Schulze failed to secure the necessary funding.
Private equity firms including Apollo Global Management, TPG Capital Leonard Green & Partners and Cerberus Capital Management have all been linked with Schulze’s potential buyout of the company.
Schulze has been considering acquiring the company and taking it private or finding a private equity firm to buy a minority stake.
Schulze has already secured two extensions from Best Buy to give him more time to secure financing from banks, which is something the Wall Street Journal said he has had difficulty with.
The 71-year-old began due diligence on the company at the beginning of October ahead of a buyout that some analysts claimed could reach $11bn with debt.
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