Reuters: Global Markets: Best Buy, Schulze reach deal for due diligence

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Best Buy, Schulze reach deal for due diligence Aug 27th 2012, 13:41 Mon Aug 27, 2012 9:41am EDT (Reuters) - Best Buy Co Inc (BBY.N) said on Monday it agreed to let founder Richard Schulze conduct due diligence and form an investment group with private equity sponsors as he tries to take the retailer private. Best Buy shares rose about 5 percent to $18.15 in early trade on the New York Stock Exchange. Best Buy said its agreement with Schulze establishes a non-exclusive, orderly process that satisfies his requests and protects the interests of shareholders. Schulze said he was pleased an agreement was reached. Under its terms, Schulze will get access to non-public information and can propose a fully financed bid within 60 days after the due diligence period begins. In certain circumstances, the period may be extended. The agreement also calls for the waiver of a Minnesota law in order to allow Schulze to work with private equity partners. Should a transaction be proposed and the board rejects it, Schulze has agreed not to pursue an acquisition until January 2013. The board will also offer Schulze two board seats, proportionate to his share ownership. (Reporting By Martinne Geller in New York; Editing by Gerald E. McCormick)

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