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Best Buy extends Schulze’s deadline, shares drop

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Best Buy on Friday gave founder and former CEO Richard Schulze a new deadline to make an offer to take the company private. Here's the press release.

Schulze has been working with three private-equity firms to cobble together a takeover of the electronics retailer he founded more than four decades ago, sources have told Bloomberg News.

It had been reported that perhaps an offer was imminent. But now he's got until Feb. 28, the company said. The press release concludes: "There is no guarantee that Mr. Schulze will present an offer, or that such an offer would be accepted by the Board of Directors."

After the deadline-extension announcement, shares began falling, Reuters reported.

Shares of the Richfield-based retailer had fallen 40 percent this year through Thursday, Bloomberg noted.

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Schulze commited to Best Buy takeover

More than a week after he went public with his bid to take the Richfield-based electronics giant private, co-founder Richard Schulze sent a letter to the Best Buy Board of Directors requesting permission to form a group and conduct basic due diligence so that he can present a fully financed offer for the company. Schulze wrote, "you should know that I am not going away."