Best Buy stock jumps 15.9% on buyout report

USATODAY

Richard Schulze founder of Best Buy. File.

Best Buy stock jumped on reports of a stock buyout

Best Buy stock (BBY) jumped 15.9% Thursday on reports that founder Richard Schulze will make an offer to buy the consumer electronics giant by the end of the week, possibly on Friday, according to the Minneapolis StarTribune.

The newspaper says Schulze will submit his bid to the board of directors by a Sunday deadline. He is reported to have financing in place.

The big-box retailer has struggled with increasing competition from online electronics retailers.

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