Amended agreement with founder

Boston Globe Best Buy Co., Inc. (NYSE:BBY) slumps on amended agreement with founder which led to shares falling 12% on Friday after the electronics retailer and founder Richard Schulze said they agreed to amend the terms of their agreement on August 26 that will allow Schulze access to the company’s books also.

As of now both parties have settled on to allow Schulze to review Best Buy Co., Inc. (NYSE:BBY) books and to bring out offers after the holiday period and Best Buy Co., Inc. (NYSE:BBY) financial year end. Richard Schulze will have to deliver any proposal after February 1 and before February 28 with Best Buy Co., Inc. (NYSE:BBY) board evaluation with 30 days and taking the position on such offer. On Thursday Best Buy Co., Inc. (NYSE:BBY) shares rose after the report said Schulze was expected to finalize the offer by this weekend.

Shares of Best Buy Co., Inc. (NYSE:BBY) were up by 1.83% to close at $12.27

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Published by Nicholas Maithya

Nicholas is a Financial Analyst by profession, who enjoys writing about investments, technological developments, business, economics and other financial topics at various financial publications. Join him here on Wallstreetpr.com as he endeavors to deliver to you the latest breaking news on the above mentioned fronts. Contact him by email at nmaithya@gmail.com or follow Nicholas Kitonyi @nmaithyak on Twitter.

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