Best Buy extends deadline for offer by Schulze

New York -- Best Buy Co. on Friday said it agreed to extend the deadline to Feb. 28 for founder Richard Schulze to make a bid for the company.

The company said it is in the best interest of shareholders to let Schulze and his partners include results from the holiday season in their due diligence review.

The new deadline will also give Schulze more time to line up partners and financing for a bid. Under the extension, Schulze will be able to submit an offer any time during February, and the company will have 30 days to review and make a decision on the bid.