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8/20/2012 1:12 AM ET

Best Buy Co., Inc. (BBY: Quote) said its founder and largest shareholder Richard Schulze issued statement in response to the company's announcement that Schulze has rejected a Best Buy proposal to allow the formation of an investment group and required due diligence in furtherance of his proposal to acquire Best Buy.

Schulze said he is disappointed and surprised by the Best Buy Board's abrupt termination of their discussions. For the record, they engaged in good-faith negotiations with Best Buy's Board and its advisors over the weekend and expected to conclude this matter before the company's earnings announcement early this week.

Initially, the Board proposed an 18 month standstill, which was completely unacceptable in light of the fact that urgent change is needed at Best Buy and value is eroding further every day that change is not effected. Schulze stated that they were in the process of negotiating an acceptable standstill period when, without notice to him or to any of his advisors, the board issued its announcement.

Schulze said he was shocked by this course of action but as the largest shareholder of Best Buy, he remains hopeful that the Board will engage in good faith discussions with them for the benefit of shareholders, employees and customers. Time is of the essence, and it is imperative that shareholders' interests are not further jeopardized, Schulze added.

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