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images/news/generic.jpgBest Buy officially acquired 83.3 percent of Napster's outstanding stock during a tender offer that ran through last Friday. Best Buy paid $127 million, or $2.65 per share, to acquire Napster.
The electronics retailer now owns 39,301,255 shares of Napster.
The company does not own 90 percent of Napster's outstanding shares, so Best Buy plans to snap up at least seven more percent of Napster. After the Federal Trade Commission (FTC) approved the Napster buyout at the beginning of October, purchasing a few more percent is not expected to be a problem.
"We're pleased that our tender offer was successful. We look forward to concluding the merger so that we can begin the work of increasing Napster’s subscribers and building on its capabilities in the digital media space,” said David Morrish, Best Buy executive V.P. of connected digital solutions.
CD Freaks
The electronics retailer now owns 39,301,255 shares of Napster.
The company does not own 90 percent of Napster's outstanding shares, so Best Buy plans to snap up at least seven more percent of Napster. After the Federal Trade Commission (FTC) approved the Napster buyout at the beginning of October, purchasing a few more percent is not expected to be a problem.
"We're pleased that our tender offer was successful. We look forward to concluding the merger so that we can begin the work of increasing Napster’s subscribers and building on its capabilities in the digital media space,” said David Morrish, Best Buy executive V.P. of connected digital solutions.
CD Freaks
