Best Buy Co., Inc. BBY and founder
Richard Schulze today announced that they have agreed to amend the terms of
their August 26, 2012 agreement that allowed Mr. Schulze access to certain due
diligence information and permission to form an investment group in
furtherance of making a fully financed proposal with respect to a Qualified
Offer (as defined in the agreement).
Both parties believe that allowing Mr. Schulze to bring his offer after the
holiday season and fiscal year end is in the best interests of shareholders
and provides Mr. Schulze and his potential partners with an opportunity to
include the Company's full year results as part of their due diligence review.
Accordingly, Best Buy and Mr. Schulze have mutually agreed that Mr. Schulze
will have the opportunity to deliver the proposal to the Board of Directors on
or after February 1, 2013 through February 28, 2013. The Board would, within
30 days, review and take a position on any such offer, consistent with its
fiduciary duties and in the best interests of shareholders. There is no
guarantee that Mr. Schulze will present an offer, or that such an offer would
be accepted by the Board of Directors.
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