Best Buy founder can pursue buyout

Best Buy Co. Inc. and its founder and former chairman, Richard Schulze, say they have an agreement that will allow Schulze to pursue his plan to try to buy the nation's largest consumer electronics chain. The news sent Best Buy shares up 3.24 percent to close at $17.87 Monday.

Best Buy said the agreement will allow Schulze to get access to confidential financial statements and allow him to form an investment group with private equity sponsors to make the bid. He already owns 20 percent of the company's stock.

Under the agreement disclosed Monday, Schulze and his potential partners have 60 days to present a fully financed proposal. The company is trying to turn its results around and adjust to a new chief executive.