Minneapolis Best Buy Co., Inc. announced on Monday that it concluded the cash tender offer by its wholly owned subsidiary, Puma Cat Acquisition Corp., to purchase all outstanding shares of common stock of Napster, Inc.
The tender offer was made in accordance with its previously announced agreement and plan of merger, dated Sept. 14, 2008, among Best Buy, Puma Cat and Napster. The tender offer expired last week.
A total of 39,301,255 shares of Napster common stock, representing approximately 83.3% of the outstanding shares of Napster common stock, were validly tendered and not withdrawn prior to the expiration of the offer, according to information which Best Buy obtained from U.S. Bank National Association, the depositary for the offer.
Best Buy accepted for purchase all validly tendered shares in accordance with the terms of the offer. Best Buy intends to make prompt payment for those shares, which have an aggregate price of approximately $104 million.