Best Buy drops after CNBC says deadline for takeover bid extended

Best Buy's (BBY) board and Richard Schulze, the company's founder and former chairman, have agreed to extend the deadline for a potential takeover bid by Schulze until February 28, CNBC's David Faber reports. Schulze has a window of February 1 to February 28 to submit a takeover proposal for the struggling retailer, Faber added. Shares of Best Buy dropped 8%, or $1.16, to $12.96 in pre-market trading following Faber's report.

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