Best Buy bid delayed?

Richard Schulze wants more time before making an offer for Best Buy, the company that he founded. Reuters reports Schulze, who has been working on his offer for months, is expected to take a 30-day extension to mid-December before submitting his final purchase proposal to Best Buy's board. Citing sources close to Schulze, the Star Tribune reported that his bid would come next week.

Author:

BMTN Staff

Richard Schulze wants more time before making an offer for Best Buy, the company that he founded.
Reuters reports Schulze, who has been working on his offer for months, is expected to take a 30-day extension to mid-December before submitting his final purchase proposal to Best Buy's board. The extension would allow interested parties time to evaluate how the electronics retailer is faring during the critical holiday season.

Citing sources close to Schulze, the Star Tribune reported that his bid would come next week.

The exclusive Reuters report indicates Schulze's offer may come in at around $8 billion.

The Business Journal notes Best Buy's stock price is lower than it was when Schulze said he wanted to make a bid for the consumer electronics company. He previously hinted a deal could be between $8.16 billion and $8.84 billion.

The stock price for Best Buy has dropped as the company has struggled.

The Star Tribune reported the plummeting stock prices may make it a less costly proposition for Schulze.

Best Buy hired Hubert Joly as its CEO to come up with its own restructuring plan. Joly will meet investors in New York on Tuesday to unveil his turnaround strategy.