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.

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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.

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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 This material may not be published, broadcast, rewritten or redistributed.

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