Ten days after he made a public bid to take the business private, Schulze told Best Buy's board in a letter that he'd like to put forth a fully financed plan.

Schulze made an offer of $24 to $26 per share for Best Buy Co., which the Minneapolis company called "highly conditional." The offer values the company at as much as $8.84 billion. Schulze already owns 20.1 percent of the company's stock, so buying the rest of shares would mean coming up with about $6.9 billion.


Groupon stock hits another low after 2Q results

SAN FRANCISCO (AP) â¿¿ Groupon's stock hit another low, days after the online deals company issued a lackluster quarterly report.

Groupon Inc. fell 32 cents, or 6 percent, to close Thursday at $5. Earlier it hit $4.97, its lowest level since its initial public offering in November. The stock's IPO price was $20, so it has lost 75 percent of its value.

On Monday, Groupon reported its first-ever quarter-to-quarter decline in gross billings. That's a closely watched number because it measures how much money is collected from merchants.


By The Associated Press(equals)

The Dow Jones industrial average rose 85.33 points to 13,250.11, up 0.6 percent. The Standard & Poor's 500 index gained 9.98 points to close at 1,415.51, up 0.7 percent. The Nasdaq composite index rose 31.46 points, or 1.04 percent, to 3,062.39.

Benchmark oil for September delivery rose $1.27 to finish at $95.60 per barrel in New York. Brent crude rose 96 cents to end at $115.27 on the ICE Futures exchange in London.

Natural gas lost 2.4 cents to finish at $2.72 per 1,000 cubic feet. Heating oil rose 4 cents to end at $3.12 a gallon and wholesale gasoline fell less than a cent to finish at $3.08 a gallon.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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