After talks failed last week, Best Buy and its founder and former chairman, Dick Schulze, have reached an agreement allowing Schulze to conduct due diligence in his effort to acquire the campany.

The agreement gives Schulze immediate access to all financial data, which may help him find private equity partners to fund his proposed takeover. Earlier in August, Schulze offered to pay anywhere from $24 to $26 per share, which would total just under $9 billion.

According to a company statement, Schulze can bring a complete proposal to the company within 60 days. If that offer is rejected, Schulze has to wait until January 2013 to pursue an acquisition through other means. At that time, Best Buy will have 30 days to review the offer before Schulze would have the opportunity to take it directly to shareholders at the annual meeting or at a special meeting. If the second offer fails, Schulze has agreed not to pursue an acquistion until the expiration of a one year term of the agreement.

Richfield Patch will update readers as more information becomes available.

***

See Best Buy's full statement.