Best Buy spurns $1 billion minority investment: sources

NEW YORK Fri Mar 1, 2013 9:10am EST

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NEW YORK (Reuters) - Best Buy Co Inc (BBY.N) 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.

A Best Buy spokesman declined to comment. Calls to Leonard Green and Cerberus were not immediately returned. TPG declined to comment.

(Reporting By Jessica Toonkel; Editing by Gerald E. McCormick)

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