Best Buy said on Monday that it has finally agreed to let its founder, Richard Schulze, take a closer look at its financial statements to help him firm up his potential takeover proposal for the electronics retailer.
The pact follows more than a week of negotiations between the two sides, a time punctuated by remarkably prickly public statements by both sides as they jockeyed over terms of a prospective agreement.
Earlier this month, Mr. Schulze proposed buying the company he founded 46 years ago for up to $8.8 billion. The retailer, however, has been cautious, preferring at the moment to stick to a turnaround effort that will be led by an incoming chief executive, Hubert Joly.
Now, Mr. Schulze, his potential partners and financial backers will gain access to Best Buy's books immediately. They will then have 60 days to present a fully financed deal.
Should Best Buy's board reject Mr. Schulze's proposal, he would have to wait until January to make a second offer. Company directors would then have 30 days to review that newer plan, before he could go directly to the retailer's shareholders, at either its annual investor meeting or at a special meeting that he can call with the support of 25 percent of stockholders. (He already owns a 20 percent stake.)
If the second offer is rejected by the board and by shareholders, he would then be barred from offering to buy the company again for a year.
Best Buy is offering Mr. Schulze two seats on Best Buy's board, though he cannot hold onto them if he takes an offer directly to shareholders or if he violates his agreement.
