Shares of the Best Buy Co. suffered a fall on Friday after the bid from Schulze got delayed. Earlier on Thursday, the price of shares of Best Buy surged. On Thursday, price of shares of Best Buy surged by 16 percent to $14.12 but after the news of delay the price of Best Buy shares dropped by 14.7 percent to 12.05.
In the recent past, Best Buy has been struggling to make good sales and is hoping that the chain store will improve its business during the Christmas holiday season. The chain store is facing stiff competition from both online and offline chain stores.
Earlier in August, founder chairman Schulze offered a bid of $8.84 billion but his offer faced skepticism from the experts since Schulze was yet to find investors.
According to the new terms, Schulze will be permitted to make a new proposal by February 2013. It is an extension to the previous deadline of mid-December. Once he makes an offer, the board of directors will have 30 days to consider Schulze’s offer.