Best Buy delays reporting results to accommodate Schulze
NEW YORK Feb 26 (Reuters) - Best Buy Co Inc has decided to delay reporting its fourth-quarter results by a day to March 1 "solely" to allow for the expiration of the period of time founder Richard Schulze has to respond to the company on his plans for a buyout proposal.
Schulze has until midnight on Thursday to submit a buyout proposal to the Best Buy board, a deadline that had already been extended in December to let him include the company's full-year results as part of his due diligence review.
Schulze, who founded Best Buy in 1966, originally informed the board last August that he was interested in teaming up with private equity partners to buy the company. He has been unable to get enough support from banks to finance a deal to take it private, sources have told Reuters.