NEW YORK, N.Y. – Best Buy Co. shares are tumbling after the company extended the window for co-founder Richard Schulze to make a buyout bid until after the holiday season.
The retailers’ shares fell $1.73, or 12.3 per cent, to $12.39 in morning trading Friday.
That erased most of the gains made Thursday when Best Buy shares jumped 16 per cent on a report in the Minneapolis Star Tribune that Schulze would make a bid by the end of the week. The reported cited unnamed sources.
On Friday, Best Buy said Schulze can make his offer between Feb. 1, 2013 and Feb. 28, 2013.
It says that will give Schulze and his investor partners time to review Best Buy’s full-year financial results.