Schulze says committed to Best Buy takeover bid

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MINNEAPOLIS (AP) — Best Buy Co. co-founder Richard Schulze says he's committed to his offer for the consumer electronics retailer and has heard from a number of private equity firms prepared to make "significant commitments."

Schulze told Best Buy's board Thursday that he'd like to create a group and put forth a fully financed plan, a little over a week after he made a public bid to take the business private.

Schulze previously made an offer of $24 to $26 per share, which the company called "highly conditional." Analysts have been skeptical that Schulze's bid would be high enough to get a deal done and that he might have trouble lining up investment firms to help pay for it.

Best Buy shares rose 43 cents, or 2.2 percent, to $19.79 in premarket trading.

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