updated 3/1/2013 9:10:17 AM ET 2013-03-01T14:10:17

NEW YORK (Reuters) - 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 to comment.

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

(c) Copyright Thomson Reuters 2013. Check for restrictions at: http://about.reuters.com/fulllegal.asp

Discuss:

Discussion comments

,

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.99%
$30K home equity loan FICO 6.17%
$75K home equity loan FICO 5.94%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 11.01%
11.01%
Cash Back Cards 16.34%
16.34%
Rewards Cards 15.80%
15.80%
Source: Bankrate.com
  1. Jump to text

    NEW YORK (Reuters) - Best Buy Co Inc tur...

  2. Jump to discussion

    Best Buy spurns $1 billion minority investment: ...

  3. Jump to data

    See the latest rates around the country