Best Buy buyout push ends

March 1, 2013: 10:12 AM ET
best buy store
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.

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 (AMZN).

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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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