Schulze bid for Best Buy expected later, and lower

Best Buy Co. Inc. founder Richard Schulze continues to work on his plan to take over the retailer, but his offer isn’t expected until December — and it might be below his initial bid.

Reuters, citing sources familiar with the matter, said that Schulze is expected to take a 30-day extension before submitting a final proposal to the board. That would push an offer into mid-December.

The Star Tribune had reported on Monday that an offer would likely come next week. Shares of Best Buy, which have fallen sharply in the past month, surged on that news.

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- Posted: 2012-11-09 13:41:35

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