Best Buy Founder Richard Schulze Appears to Give Up Buyout Bid

Best Buy Co. founder Richard Schulze appears to be backing off a full-fledged bid to acquire the company, but is trying to regain his former position as chairman of the board, the Star Tribune has learned.

Schulze remains in talks with investors to boost his 20 percent stake in Best Buy to gain more influence over the board of directors, according to a source close to the founder.

After months of negotiations behind closed doors, Schulze must submit a bid by midnight Thursday or wait until next year to try again.

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