Best Buy Postpones Earnings Until March 1 to Wait for Schulze
Best Buy Co. (BBY), the world’s largest consumer electronics retailer, postponed its fiscal fourth- quarter earnings release by one day until March 1 to see whether founder Richard Schulze bids for the company.
Best Buy “wants to allow for the expiration of the period of time that Schulze has to respond to the company,” Jeffrey Shelman, a company spokesman, said today by telephone. The retailer had planned to report earnings Feb. 28, the deadline for Schulze to make an offer.
Schulze, who proposed a buyout of $24 to $26 a share in August, has worked with three private-equity firms -- Cerberus Capital Management LP, TPG Capital and Leonard Green & Partners LP -- to arrange financing, people familiar with the matter have said. In December, the company extended the period for him to conduct due diligence through February.
David Reno, a New York-based spokesman for Schulze, didn’t immediately reply to telephone messages and an e-mail seeking comment.
Best Buy fell 2.9 percent to $16.50 at 3:36 p.m. in New York. The shares climbed 43 percent this year through yesterday after sinking 49 percent in 2012.
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