Best Buy Deadline Passes Without $8.8B Bid By Founder

Law360, New York (March 01, 2013, 6:08 PM ET) -- Electronics retailer Best Buy Co. said Friday that its founder, former chairman and majority stakeholder Richard Schulze has declined to formalize a private equity-backed offer to take Best Buy private, ending Schulze's eight-month odyssey to buy the company.

Schulze had until Feb. 28 to make a formal offer under an agreement he reached with Best Buy's board of directors in December. The company said in a brief statement that it did not receive any bid from Schulze before the deadline.

"The deadline by which Mr. Schulze...
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