Richard Sennott/The Star Tribune, via Associated Press

The founder of Best Buy, Richard M. Schulze, pressed his case on Thursday for a takeover of the electronics retailer, again trying to prod the company into considering his offer.

Mr. Schulze sent a letter to Best Buy’s board reaffirming his commitment to buy the company for as much as $8.8 billion.

“I am deeply concerned about the direction of the company and, as Best Buy’s largest shareholder, I cannot simply stand aside,” he wrote. “I still hope to work with the board on a mutually beneficial transaction — but you should know that I am not going away.”

Mr. Schulze’s latest letter was sent after the company declined to provide an immediate response to Mr. Schulze’s offer of $24 to $26 a share in cash on Aug. 6. Investors have evinced skepticism of a deal; while shares of Best Buy have risen 9.8 percent since the bid was announced, they remain well below the proposed price range.

Mr. Schulze wrote in his letter that he had been told by a number of “leading private equity firms” that they were prepared to commit money, subject to due diligence. Among the leveraged buyout firms that he has spoken with are Kohlberg Kravis Roberts, TPG Capital, Apollo Global Management and Leonard Green & Partners, according to a person briefed on the discussions.

So far, he has declined to name potential partners, suggesting that it is in part because of a Minnesota corporate law that limits his ability to form an investor group. It is also in part because private equity firms prefer not to be seen as hostile bidders.

But Best Buy said in a statement on Thursday that it disagreed with that legal interpretation, arguing that he needed no permission to talk to potential partners or to name them.

In his letter, Mr. Schulze again sought to allay concerns that the deal was financially unfeasible.

“You can easily test how real my proposal is by granting me permission to form a group and by providing basic due diligence information necessary to present a fully financed offer and allow shareholders the opportunity to receive a substantial cash premium for their shares,” he wrote.

The company said in its statement:



“Best Buy’s board of directors will review and consider the letter in due course, consistent with its fiduciary duties, and will, as always, pursue the best course for its shareholders.”

Best Buy’s management is expected to announce more details of its own turnaround plan on Tuesday, when the company is scheduled to report its latest quarterly earnings.

Mr. Schulze reiterated that he could raise the necessary financing to pay for a takeover. He said he would put up at least $1 billion of his holdings, and potentially all of his 20 percent stake, to help finance a transaction.

All told, he would probably need to raise about $3 billion in equity capital, along with perhaps $7 billion in debt financing. His investment bank, Credit Suisse, has said it is “highly confident” that it can arrange the financing, though people close to Best Buy have scoffed at the possibility.