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Schulze Proceeding With Best Buy Buyout Play: Report

New York – Best Buy founder Dick Schulze and at least four private equity firms have begun performing due diligence on Best Buy, Reuters reported this morning.

According to Reuters, Schulze and his financial adviser Credit Suisse are looking to create a buyout consortium among the four firms, and are negotiating with each one individually to determine Schulze’s contribution to the purchase offer and his role following an acquisition.

A buyout proposal is not expected before mid-November, unidentified sources told Reuters.

Best Buy agreed to open its books to Schulze last month, but gave him a 60-day deadline to submit a proposal once the due diligence process began.