Best Buy reportedly reaches out to Schulze to resume talks
Minneapolis -- A Thursday report by Bloomberg, citing unnamed sources, said that Best Buy Co. has rekindled its talks with co-founder Richard Schulze about an agreement that would allow Schulze to launch due-diligence efforts toward his proposed acquisition of the company.
Best Buy reportedly reached out to Schulze shortly after announcing quarterly earnings on Aug. 21 that missed Wall Street estimates, according to one of the unidentified sources, who also said that both parties could reach an agreement later this week.
Schulze refused Best Buy’s earlier offer to access confidential financial information because of what he deemed overly restrictive limitations such as curbing his contact with the board to gain information necessary toward the due diligence process.
Another sticking point has been that Best Buy is asking for a fully committed offer from Schulze within 60 days; Schulze said he needs 90 days to obtain financing. Impasses such as these brought the talks to a halt on Aug. 19, but sources say both sides are now willing to com