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Best Buy founder makes an offer

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Best Buy Co. founder Richard Schulze, who stepped down as chairman this year, offered to take the electronics retailer private at $24 to $26 a share, Bloomberg reported, causing the company’s shares to surge today in early trading. Credit Suisse Group AG, Schulze’s financial adviser, is confident it can obtain financing for an offer, according to a letter sent to the board today. The offer is at least 36 percent more than Best Buy’s closing price on Aug. 3, and the midpoint of the range gives the company an equity value of $8.5 billion, Bloomberg said.