NEW YORK, March 1 Best Buy Co Inc 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