Reuters: Global Markets: Best Buy extends deadline for Schulze bid

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Best Buy extends deadline for Schulze bid Dec 14th 2012, 15:04 Tweet Share this Email Print Related News S&P 500 ends six-day winning streak on "cliff" anxiety Thu, Dec 13 2012 Best Buy shares up 17percent on $5 billion founder bid report Thu, Dec 13 2012 REFILE-UPDATE 3-Best Buy shrs up 17pct on $5bln founder bid report Thu, Dec 13 2012 ConAgra finally wins Ralcorp in $5 billion store-brand food bet Tue, Nov 27 2012 UPDATE 5-ConAgra finally wins Ralcorp in $5 bln store-brand food bet Tue, Nov 27 2012 Related Topics Investing Simplified » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Hot Stocks » Asian Markets » Inflows Outflows » A Best Buy logo is seen during Thanksgiving Day in San Francisco, California, November 22, 2012. Credit: Reuters/Stephen Lam Fri Dec 14, 2012 10:04am EST (Reuters) - Best Buy Co Inc (BBY.N) agreed to extend the deadline to February 28 for founder Richard Schulze to make a bid for the company, continuing the uncertainty for shareholders over whether he can put a bid together. Best Buy shares fell 13.5 percent to $12.22 on the New York Stock Exchange. The company said on Friday the extension would allow Schulze to include the consumer electronics retailer's full-year results as part of his due diligence review. The new deadline will also give him more time to line up partners and financing for a bid. A source told Reuters on Thursday that Schulze didn't have financing lined up in time for a December bid. Schulze, who founded Best Buy in 1966, has said he would fund any deal through a combination of private equity and debt financing, as well as the reinvestment of some of his own equity in the company. He is Best Buy's biggest shareholder, with 20 percent ownership. "Obviously with the extension, there is still some hesitation on the part of his private equity suitors about how much financing they would want to put up for this deal," Morningstar analyst R J Hottovy said. 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. (Writing by Brad Dorfman. Reporting by Dhanya Skariahcan and Olivia Oran in New York. Nivedita Bhattacharje in chicago and Siddharth Cavale in Bangalore; Editing by Jeffrey Benkoe) Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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