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Friday, March 1, 2013

Best Buy spurns $1 billion minority investment-sources, (NYSE: BBY)

Best Buy Co Inc turned down a $1 billion minority investment proposal by founder Richard Schulze's three private equity partners, two sources familiar with the situation told Reuters Friday. Under the proposal, Leonard Green Partners, Cerberus Capital Management and TPG Capital would have each received a seat on the board of the world's largest electronics retailer, the sources said, asking not to be named because they were not authorized to speak to the media.

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 $16.41. In the past year, the shares have traded as low as $11.20 and as high as $27.95. On average, 9963800 shares of BBY exchange hands on a given day and today's volume is recorded at 3038370.