Reuters
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BEST BUY OFFERS DUE DILIGENCE PLAN TO RICHARD SCHULZE; SCHULZE DECLINES
Sun, Aug 19 22:03 PM EDT

BEST BUY OFFERS DUE DILIGENCE PLAN TO RICHARD SCHULZE; SCHULZE DECLINES BEST BUY CO INC SAYS BOARD AUTHORIZED ITS ADVISERS TO INITIATE DISCUSSIONS WITH MR. SCHULZE BEST BUY CO INC SAYS BOARD PROPOSAL WOULD HAVE PROVIDED A WAIVER OF MINNESOTA LAW IN ORDER TO PROVIDE MR. SCHULZE THE ABILITY TO WORK WITH HIS PRIVATE EQUITY PARTNERS BEST BUY CO INC SAYS BOARD PROPOSAL WOULD HAVE PROVIDED DUE DILIGENCE ACCESS FOR MR. SCHULZE TO THE COMPANY'S NON-PUBLIC INFORMATION BEST BUY CO INC SAYS BOARD PROPOSAL WOULD HAVE PROVIDED DUE DILIGENCE ACCESS FOR MR. SCHULZE'S PRIVATE EQUITY PARTNERS BEST BUY CO INC SAYS BOARD PROPOSAL WOULD HAVE PROVIDED DUE DILIGENCE ACCESS FOR SCHULZE'S ADVISERS AND DEBT-FINANCING SOURCES BEST BUY CO INC SAYS BOARD PROPOSAL WOULD HAVE PROVIDED AN OPPORTUNITY TO BRING FORWARD A FULLY FINANCED PROPOSAL WITHIN 60 DAYS BEST BUY CO INC SAYS BOARD ENDORSED DECLASSIFICATION AND ESTABLISHED AN INDEPENDENT SEARCH PROCESS FOR A PERMANENT CHIEF EXECUTIVE OFFICER BEST BUY CO INC SAYS BOARD PROPOSED THAT SCHULZE BE ALLOWED TO TAKE HIS BUYOUT OFFER TO SHAREHOLDERS BEGINNING IN JANUARY BEST BUY CO INC SAYS SCHULZE DECLINED TO PARTICIPATE


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