On Friday, Best Buy CEO Hubert Joly said the deadline passed without an offer from Schulze.
Shares of Best Buy (Fortune 500) 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.
Best Buy hired Joly as its CEO in August, and he has announced moves to close stores and cut staff. He also introduced a price matching guarantee designed to combat the loss of sales to online rivals such as Amazon (Fortune 500). ,
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.
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