Shares of Best Buy Co. on Friday gave back most of Thursday's sharp advance, as the consumer electronics retailer agreed to extend the deadline to Feb. 28 for founder Richard Schulze to make a bid.
Best Buy said on Friday the extension would allow Schulze to include the company's full-year results as part of his due diligence review.
The new deadline will also give Schulze more time to line up partners and financing for a bid. A source told Reuters on Thursday that Schulze didn't have financing lined up in time for a December bid.
Under the extension, Schulze will be able to submit an offer any time during February, and the company will have 30 days to review and make a decision on the bid.
On the New York Stock Exchange, Best Buy shares fell 15 percent to end at $12.04, according to unofficial closing figures. The stock jumped 16 percent on Thursday.
© 2015 Thomson/Reuters. All rights reserved.