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Thursday, December 13, 2012

Best Buy founder to make $5 bln-$6 billion this week-report, (NYSE: BBY)

Best Buy Co Inc founder Richard Schulze is expected to make a fully financed offer to purchase the consumer electronics retailer by the end of the week, the Minneapolis Star Tribune reported late Wednesday, citing a source. Schulze's bid would be at least $5 billion to $6 billion, the newspaper reported, citing the source. Best Buy failed to comment on the report.

Best Buy Co., Inc. is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services. Shares of BBY remained unchanged at $12.18. In the past year, the shares have traded as low as $11.41 and as high as $27.95. On average, 7460220 shares of BBY exchange hands on a given day and today's volume is recorded at 89051.