July 2, 2012 / 5:31 PM / 5 years ago

No bid by Best Buy ex-chairman to come soon-source

NEW YORK, July 2 (Reuters) - Best Buy Co Inc’s former Chairman Richard Schulze is not expected to present a buyout or other proposal to the company’s board anytime soon, a person familiar with the situation said.

Media reports said Schulze was close to presenting an offer for the consumer electronics chain. Discussions around a leveraged buyout of the company are still in the early stages, the person said.

A representative for Schulze and Best Buy declined to comment.

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