Best Buy Founder Spurns Board Effort To Out PE Backers

Law360, New York (August 20, 2012, 6:03 PM EDT) -- Best Buy Co. founder Richard Schulze, who is engineering a $8.8 billion bid for the electronics retailer, on Monday rejected proposals meant to bring him to the table, including an offer to examine its books and a waiver of an obscure Minnesota law that threatens the transaction.

The company said it offered to give Schulze, his unnamed private equity partners and his lenders and advisers access to nonpublic information and the chance to make a fully financed offer within 60 days. It also included an offer...
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