Mergers and Acquistions News
Categories: Media & Information Services
October 27th 2008, 17:17PM
Best Buy is looking forward to concluding its merger with Napster, the retailer's executive vice-president of connected digital solutions has asserted.
David Morrish stated that Best Buy is "pleased" that its tender offer to purchase all outstanding shares of common Napster stock was "successful".
He added: "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."
The tender offer, which expired at 12:00 ET on October 24th 2008, was made in accordance with a previously announced plan of merger and agreement between Best Buy, Napster and Puma Cat dated September 14th.
Napster is one of the most globally-recognised online music brands. It holds a six-million-song catalogue of tracks and holds offices in New York, San Diego, Los Angeles and London.
The firm has previously partnered with XM Satellite Radio and has introduced Napster Mobile as part of a partnership with Ericsson.
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