Best Buy Agrees To Due Diligence In Founder's Buyout Bid

Law360, New York (August 27, 2012, 4:32 PM EDT) -- Best Buy Co. Inc. will allow founder and former chairman Richard Schulze to start due diligence and form a private equity investment group to back his percolating $8.8 billion takeover bid, the Richfield, Minn.-based company said Monday, restarting talks after Schulze rejected other parameters last week.

Under the agreement, the company will waive a Minnesota law that requires Schulze to name his yet-anonymous private equity partners and submit them for board approval — a provision that threatened to stall out the deal when Schulze balked at...
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