Best Buy nears deal after talks

BEST BUY yesterday announced it had reached an agreement with founder Richard Schulze to allow him to prepare a bid to buy the struggling electronics retailer.

The US company, which said last week that talks between the parties had broken down after Schulze claimed Best Buy’s proposals were “completely unacceptable”, announced that it had satisfied all of his requests.

Best Buy will give Schulze access to the company’s accounts, as well as waiving Minnesota law to speed up a deal. The firm’s shares, which fell after last week’s poor results, closed up 3.2 per cent.