Best Buy Gives Founder More Time To Put Together Offer

Law360, New York (December 14, 2012, 2:48 PM EST) -- Best Buy Co. and its founder, Richard Schulze, on Friday announced an agreement that will give Schulze until February to gather private-equity partners and make an offer, the latest twist in the four-month chase between the electronics giant and its former chairman.

Schulze, who is engineering an unsolicited bid that could value the company at up to $6 billion, will now be able to deliver a formal proposal to Best Buy's board anytime in February. The board would have 30 days to either endorse or reject...
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