Best Buy has given Richard Schulze — the company’s founder, former chairman and largest shareholder — more time to put together a buyout proposal,
the
Wall Street Journal
reported.
Schulze is working with private equity firms to come up with the funding for an offer that shareholders would be likely to consider, the article said.
Schulze now has until February to make a bid; the board will have 30 days to respond. His original deadline for making an offer was mid-December. The deadline to appoint directors has also been moved to mid-March. The
Journal
report noted that this “means Mr. Schulze still has enough time to pursue a hostile takeover should Richfield, Minn.-based Best Buy reject any offer in February.”
Schulze owns about 20% of the company, the article said. (Source:
Wall Street Journal,
Dec. 14, 2012.)
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