Best Buy (BBY) Founder Schulze a "Long Ways" from Making Bid - Post

November 30, 2012 7:03 AM EST
Shares of Best Buy Co., Inc. (NYSE: BBY) could see volatility Friday following reports from the New York Post that founder Richard Schulze's efforts to put together a bid is hitting snags and he is a "long ways" from making a bid for the embattled retailer.

Sources told the Post that it was not unreasonable to think that a bid will flirt with the mid-December deadline - and possibly miss it. It is possible the Best Buy's board could offer another extension to Schulze but the delays suggest that the former-Chairman is having trouble convincing private equity executives who would want more control as a condition of signing a deal.

Shares of the retailer have seen wild swings in recent days on any whisper from the last-ditch effort to save the deal.

NY Post Link

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