Best Buy founder Richard Schulze is in the middle of an ongoing fight with the company’s board of directors to buy back the consumer electronics retailer, and now he’s enlisting some allies, reports the New York Post.Schulze is “losing faith” in the negotiations, so he has hired D.F. King & Co., a solicitation firm that specialises in battles with boards, according to the Post.
Sources tell the Post that Schulze has been talking with big buyout shops like KKR, TPG, Apollo and Leonard Green about partnering for a takeover bid.
Earlier, Schulze said that his advisors at Credit Suisse are “highly confident” that they can raise the necessary financing. From a letter he sent to the board:
“I am prepared to roll over into this transaction at least $1 billion of my own equity — and potentially all of my existing stake depending on the ultimate terms of the agreements with the private equity firms regarding the new ownership structure. Credit Suisse is also highly confident it can arrange the necessary debt financing, and since August 6, a number of major banks have contacted Credit Suisse to express their interest in participating in the debt financing.”