According to a Wednesday report from the Minneapolis Star Tribune, former company founder Richard Schulze is readying a new buyout offer for embattled electronics retailer Best Buy Co., Inc. (BBY).

Citing unnamed sources, the newspaper said Schulze is prepping to submit a formal buyout proposal to BBY’s board of directors. Reportedly, the company has set a hard deadline of Sunday Dec. 16 for a revised buyout offer.

The takeover price is expected to be in the $5 billion to $6 billion range.

Schulze has reportedly secured financing agreements from private equity investors to help fund the deal.

The company has repeatedly rebuffed Schulze’s takeover offers over the past year or so. His last buyout offer was in the $24 to $26 per share range. The new offer is expected to be much lower (likely in the $15 to $16 range), given BBY’s share price plunge down to a little over $12 per share.

Best Buy shares rose $1.92, or +16%, in premarket trading Thursday.

Best Buy Co., Inc. (BBY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.9 out of 5 stars.

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