Business

Bid for Best Buy said to be imminent

Best Buy is the world’s largest electronics retailer.

Brendan McDermid/Reuters/File

Best Buy is the world’s largest electronics retailer.

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Best Buy Co. rose the most in nearly four years on a report founder Richard Schulze will offer to take the company private. Best Buy has fallen 40 percent this year. Schulze will bid $5 billion to $6 billion, the Minneapolis Star-Tribune said. Best Buy declined to comment. Schulze, 71, has been working with three private-equity firms on a takeover plan, people familiar with the matter have told Bloomberg News. Last month, Best Buy posted a $10 million quarterly loss.

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