Schulze may miss Best Buy bid deadline

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Best Buy Co. Inc. founder Richard Schulze, who has been trying to put together a plan – and financing – by mid-December to take his former company private still has a lot of work to do, the New York Post reports.

Schulze is still a “long ways” from making a firm bid for the struggling electronics retailer, an unnamed source tells the newspaper. The buyout is expected to be as much as $7 billion.

Another bid deadline extension for Schulze is possible. It's possible any potential buyers prefer the delay, as they wait to see if the struggling company's stock slides further, the Business Journal notes.

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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.