technology news (Xiao E) Beijing on August 29th news, according to foreign media reports, best buy announced on Monday that the company has with the company’s founder Richard · Schultz (Richard Schulze) reached an agreement to allow him to set up a consortium of investors due diligence. Company’s board of directors also plans to offer two board seats to Schultz.
Schultz has 60 days to submit a sufficient funding agreement, but if the offer is rejected, in January 2013 before the Schultz will not be able to continue the acquisition. Best buy statement in the appointment of Hubert · Joe Lee (Hubert Joly) announced that CEO and Schultz formally rejected the offer after the first submission.
statement as follows:
company’s board of directors and company founder Richard · Schultz reached an agreement to allow Schultz to set up investment due diligence group
August 27, 2012 Minneapolis news —
Best buy and
founder Richard · Schultz today announced that an agreement had been reached in accordance with the agreement, Mr. Schultz has the right to obtain due diligence specific information, allowing him to private equity funds with the composition of the investment consortium, funded acquiring company submitted takeover offer.
said the agreement to determine the best buy, Schultz proposed to meet non exclusive and orderly process requirements, but also to protect the interests of all shareholders. Mr Schultz said he was pleased to have reached an agreement that would allow him to pursue his due diligence.
the agreement will be submitted as part of the revised Schultz 13-D file to the U.S. Securities and Exchange Commission, the agreement contains the following information:
immediately launched due diligence to provide non-listed company information for Schultz, his advisers, potential private equity partners and debt financing. In the due diligence period begins within 60 days after submission of the final offer abundant funds, investigation period may be extended in some cases; the state of Minnesota to give up the rights prescribed by law, to allow Schultz to work with his private equity partners, making the final offer will be submitted to the company’s board of directors.
Schultz has agreed that if the offer was submitted to the board but the board refused to continue in January 2013 before the acquisition. However, if the first offer was rejected, Schultz has the opportunity to submit second quotations in January 2013. Company’s board of directors will assess the second quotations in 30 days, if it is rejected, Schultz in the 2013 annual meeting of shareholders to convene a special meeting of shareholders or shareholders to submit an offer.
if Schultz’s offer is not approved by the board of directors or shareholders, he agreed to no longer continue before the end of the 1 year agreement. The board also promised that, according to Schultz’s stake, he can get two board