Best Buy founder, investor firms mull bid

Best Buy Co Inc founder Richard Schulze and a number of investment firms are mulling the prospect of bidding as much as $11 billion for the Minneapolis electronics retailer, Reuters reported.

Apollo Global Management LLC, Cerberus Capital Management LP, TPG Capital LP and Leonard Green & Partners LP are among firms that are conducting due diligence on Best Buy, as are Schulze and his financial advisers at Credit Suisse Group AG, several sources told Reuters.

Schulze and the private-equity firms are also trying to work out how much of his 20% Best Buy stake he might contribute in a bid and what position he might hold if the buyout went through.

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