NEW YORK — Shares of Best Buy Co. fell on Friday after the struggling electronics retailer said it had extended the window for cofounder Richard Schulze to make a buyout bid until after the holiday season.
The stock fell $2.07, or 14.6 percent, to close at $12.05.
That erased most of the gains made Thursday, when Best Buy shares jumped 16 percent on a report in the Minneapolis Star Tribune that Schulze would make a bid by the end of the week. The report cited unidentified sources.
But on Friday, Best Buy said Schulze can make his offer between Feb. 1 and Feb. 28. The original proposal deadline was this Sunday, 60 days after the due-diligence period started.
The Minneapolis company said the extension is in the best interest of shareholders and gives Schulze and his investor partners time to review Best Buy’s full-year financial results.
A spokesman for Schulze declined to comment.