NEW YORK Feb 26 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.