July 2, 2012 / 5:31 PM / 7 years ago

No bid by Best Buy ex-chairman to come soon: source

NEW YORK (Reuters) - Best Buy Co Inc’s (BBY.N) former Chairman Richard Schulze is not expected to present a buyout or other proposal to the company’s board anytime soon, a person familiar with the situation said.

Media reports said Schulze was close to presenting an offer for the consumer electronics chain. Discussions around a leveraged buyout of the company are still in the early stages, the person said.

A representative for Schulze and Best Buy declined to comment.

Reporting By Nadia Damouni; Editing by Gerald E. McCormick

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