Best Buy Co. has resumed talks with its founder and former CEO, Richard Schulze, about an agreement to allow him to conduct due diligence in his effort to acquire the company,
Bloomberg reported.
Schulze wants to take Best Buy private.
The Bloomberg report noted that Best Buy resumed the discussions shortly after announcing quarterly earnings that missed analysts’ estimates.
The
Minneapolis/St Paul Business Journal
reported
that the talks had stopped “when Schulze and the Best Buy board couldn’t come to an agreement over how much financial information to give Schulze, whether to limit his contact with insiders and how much time to give him to pull together an offer.” (Sources: Bloomberg, Aug. 23, 2012;
Minneapolis/St Paul Business Journal,
Aug. 23, 2012.)
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