By Chris Isidore @CNNMoneyMarch 1, 2013: 10:12 AM ET
NEW YORK (CNNMoney)
Best Buy founder Dick Schulze's push to buy out the retailer is over.
Schulze, who owns about 20% of Best Buy's shares, said in August he was leading a group that wanted to take the company private. The company had given him until Thursday to present a qualified offer.
On Friday, Best Buy CEO Hubert Joly said the deadline passed without an offer from Schulze.
Shares of Best Buy(BBY) rose more than 5% in early trading. The company announced better than expected sales and operating profit in the latest quarter, although earnings were lower than a year earlier.
The company has been moving forward with its turnaround efforts even as Schulze tried to put together a deal for the company.
Schulze resigned from the Best Buy board in last June following revelations that CEO Brian Dunn had had an inappropriate relationship with a female co-worker. Dunn resigned several months earlier, and after that the board found Schulze "acted inappropriately" by not telling the board's audit committee about Dunn's relationship when he learned of it.