Schulze gets Best Buy due diligence agreement

Monday, August 27, 2012

Best Buy founder Richard Schulze's attempt to buy his former company back and take it private moved forward this week with an agreement between Schulze and the company's board of directors. The agreement gives Schulze access to the company's financial information, allowing him to perform "due diligence" in putting together his buyout package.

Asked for comment by the the Fargo - Grand Forks Valley News Live, Opus College of Business Dean Christopher Puto noted that "This is a very positive step ... [Schulze] has got a variety of investors lined up that would be a part of this buyout. The board of directors of Best Buy has a fiduciary responsibility, not only to the shareholders, but they have a moral responsibility to the employees, to the customers and to the areas where Best Buy operates to provide the best opportunity for that company to succeed."

Valley News Live suggests that Schulze's official proposal to the Best Buy board will probably be offered "in about 60 days," or roughly the end of October.

Schulze is a longtime patron of the Opus College of Business, namesake of the college's Schulze Hall and Schulze School of Entrepreneurship.

Originally published: 08/27/2012, Fargo - Grand Forks Valley News Live