Best Buy is finalizing plans to sell its own Android-based tablet, according to the company.

The Minneapolis-based big box retailer will launch its own Insignia Flex-branded tablets for $239 to $259 in order to compete with Amazon's Kindle Fire HD, Google's Nexus 7 and other Android-based tablets, Reuters reported Monday, according to a source familiar with the matter.

Best Buy's Insignia Flex tablet will hit stores Nov. 11 and feature a dual-core 1GHz processor, 9.7-inch screen, camera and battery that lasts 10 hours, while weighing 1.45 pounds, according to Reuters.

A Best Buy spokesman confirmed it plans to launch a tablet, but wouldn't offer more details.

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While Apple has grabbed a dominant position in the market, other manufacturers are poised to stake their own claims in time for the holiday season, including Microsoft which is reportedly ready to launch its, Surface tablets later this quarter.

The reports also come as Apple is expected to launch a smaller version of its iPad tablet, perhaps as early as next week.

It's not clear what impact a Best Buy tablet would have on founder Richard Schulze's reported interest in purchasing the company and taking it private. Schulze has been unhappy with Best Buy's direction and made an offer to purchase Best Buy for between $24 and $26 per share with equity backing.

Shares of Best Buy were trading at $17.60 Wednesday afternoon, with reports of the tablet barely causing a ripple in the stock price. Shares closed at $17.61 on Tuesday.

PUBLISHED OCT. 17, 2012