(Reuters) - Best Buy Co Inc founder and former Chairman Richard Schulze offered to take the struggling electronics retailer private on Monday in a deal valued between $8.16 billion to $8.84 billion.
Schulze, who owns 20.1 percent of the company's stock, said he would offer to buy the shares he does not already own for $24 to $26 each.
Schulze said he has held talks with top private equity firms, but did not name them.
The offer represents a premium of between 36 percent and 47 percent over the closing price of $17.64 on Friday.
He said he has held talks with past executives who are interested in rejoining the company, including former chief executive Brad Anderson and former chief operating officer Allen Lenzmeier.
Schulze resigned from the company's board in June and had said he was exploring options for his ownership stake. He lost the chairmanship after a probe by a board committee found he had failed to tell the board about allegations of personal misconduct by then-CEO Brian Dunn.
(Reporting by Phil Wahba and Brad Dorfman; editing by Gerald E. McCormick and Jeffrey Benkoe)
(c) Copyright Thomson Reuters 2012. Check for restrictions at: http://about.reuters.com/fulllegal.asp