Best Buy founder has 60 days to revise buyout offer

. Best Buy (BBY) on Monday announced that it has reached an agreement with the company's founder Richard Schulze that permits him to form an investment group and conduct due diligence. The Board of Directors is also prepared to offer Schulze two Board seats. The founder was given 60 days to propose a fully financed definitive agreement to the company, however if the proposal is rejected Schulze will not be able to pursue an acquisition until January 2013. Best Buy's announcement comes shortly after the company named Hubert Joly its CEO and formally rejected Schulze's initial takeover bid.

Boy Genius Report , Best Buy founder has 60 days to revise buyout offer, Best Buy founder has 60 days to revise buyout offer