Best Buy (NYSE:BBY) has reached an agreement with Schulze to pursue a buyout of the company he founded.

Best Buy To Continue With Buyout Talks

The struggling electronics retailer Best Buy (NYSE:BBY) and its founder Richard Schulze announced that they have reached an agreement that will allow him to make a bid to take the firm private.

The company allowed Schulze to conduct due diligence and to form investment group. Schulze earlier offered an $8.8 billion bid to acquire the firm.

Best Buy (NYSE:BBY) said in a statement, “Schulze can bring a fully financed, definitive proposal to the company within 60 days, and if that offer is rejected, he must wait until January to pursue an acquisition through other means”.

Best Buy (NYSE:BBY) stocks are currently standing at 17.31.

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