November 16, 2012 / 8:47 PM / 5 years ago

Best Buy founder still working on potential buyout-source

NEW YORK, Nov 16 (Reuters) - Best Buy Co Inc founder Richard Schulze is still working to put together a potential buyout offer for the struggling electronics retailer, a source familiar with the matter said on Friday.

Best Buy shares plunged on Friday, trading down about 9 percent on speculation that Schulze’s efforts to put together a private equity-backed offer were off track.

Best Buy did not respond to requests for comment, while representatives of Schulze declined to comment.

Schulze, who owns about 20 percent of Best Buy, was expected to take a 30-day extension to mid-December for submitting a final proposal to Best Buy’s board, which could come in below his initially proposed $8 billion range, people familiar with the matter told Reuters last week.

Shares of Best Buy fell 8.6 percent to $13.93 on the New York Stock Exchange.

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