Best Buy Co. has declined a minority investment offered by the private equity sponsors of past chairman Richard Schulze, following the decision of Schulze to press on making the entire firm private.

It would appear that the quest of Schulze for taking Best Buy private to free it has been ended by the rejection. Originally, Schulze informally proposed to purchase the world's largest consumer electronics chain, which he founded in 1966, for $24 to $26 a share in August of last year.

According to a source familiar with the deal, Schulze was not able to line up necessary debt and equity financing.

Best Buy's chief executive officer Hubert Joly said during a conference call that the company was introduced by Schulze to several private equity sponsors aiming to make investment in Best Buy.

However, Joly expressed in a statement that such investment is poor as he considers it dilutive to the company's existing shareholders, concluding that Best Buy could not accept such offers.

The rejection came after the company reported positive quarterly results beyond expectations, boosted by the growing economy of the United States