By: The Associated Press (AP)
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THE NEWS: Best Buy Co. Inc. and its founder and former chairman Richard Schulze say they have an agreement that will allow Schulze to pursue his plan to try to buy the nation's largest consumer electronics chain.

THE CONTEXT: The agreement will allow Schulze to get access to confidential financial statements that will help him form an investment group with private equity sponsors to make a bid for the company. Earlier this month, Schulze suggested he could pay $24 to $26 per share for the chain.

WHAT'S NEXT: Schulze will then have 60 days to present a fully financed proposal.