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Best Buy to Acquire Napster

MINNEAPOLIS & LOS ANGELES-- (BUSINESS WIRE) -- Best Buy Co., Inc. (NYSE:BBY) and Napster Inc. (NASDAQ:NAPS) announced today that the two companies have entered into a definitive merger agreement for Best Buy to commence a tender offer for all outstanding Napster shares at a price of $2.65 per share in cash. The transaction, with an aggregate purchase price of approximately $121 million (or $54 million net of approximately $67 million in cash and short term investments of Napster as of June 30, 2008), is subject to customary closing conditions, including the tender of a number of Napster shares that constitutes a majority of Napster

Napster Hires Investment Bank UBS, In Proxy Battle

Los Angeles-based Napster, a provider of digital music services, disclosed that the firm has hired investment banker UBS Investments and is open to sale of the firm, as part of a proxy battle with what the firm calls "dissident board candidates." In a letter to its stockholders, Napster urged that its shareholders re-elect its current directors and ignore three dissident board candidates who are attempting to score board seats at the firm. Napster said in its letter to stockholders that it continues to evaluate all options for maximixing stockholder investments in Napster, including exploring "possible strategic alternatives."

Napster Agrees Takeover Deal with Best Buy

The struggling Napster digital music service has agreed to a $121 million takeover deal with Best Buy Inc. The all-cash deal which recently boosted Napster's shares to $2.65 will help Best Buy to strengthen its digital music business. At present, Napster has approximately 700,000 subscribers who pay a monthly fee to access unlimited music downloads.

Filings Watch: How Napster Deal Came About: Best Buy Lowered Offer Price During Negotiations

imageHow did the BestBuy-Napster (NSDQ: NAPS) deal come about? Well, after UBS contacted about 80 players over the years (it became a running joke about who was looking at Napster any given week) and had given up, talks started with Best Buy early this year, according to a detailed SEC filing from Napster late on Friday.

Napster to Offer Digital Music Service across Wide Range of Lenovo Notebooks and Desktops

Napster (Nasdaq:NAPS), the pioneer of digital music, and Lenovo today announced a co-marketing agreement under which Napster

Napster Gets One Bit of Good News: Proxy Advisors Back Management; Low Grades on Compensation

Napster (NSDQ: NAPS), the online music service under pressure from some of its shareholders for a management change or a sale got a small breather when two independent proxy advisors—Proxy Governance and Glass Lewis & Co—concluded that three dissident investors seeking seats on the company’s board are unqualified to be elected. The music company has previously said that the three candidates’ previous work experience—musician, nursing home executive, ice cream franchisee, middle management banking executive—is “irrelevant to a company like Napster�, and the proxy firms concurred in their reports. The company’s annual meeting is scheduled for Sept. 18, and should have some fireworks, at least more than what happened at the Yahoo meeting last month.

Napster to Offer Digital Music Service across Wide Range of Lenovo Notebooks and Desktops

LOS ANGELES - Napster (Nasdaq:NAPS), the pioneer of digital music, and Lenovo today announced a co-marketing agreement under which Napster’s award-winning music subscription service will be offered as a free 14-day trial on most new Lenovo notebook and desktop

Lenovo preloading Napster free trial subscription on computers

Napster Inc. is partnering with Lenovo to include a free two-week digital music service subscription on the computer maker’s new notebooks and desktops. Napster’s To Go service will be included on most Lenovo computers sold in the U.S. and Canada.

Advisory firms: Napster's dissident shareholders wrong for the board

Napster management got a big boost in its proxy fight today when Glass Lewis and Proxy Governance, two independent proxy advisory firms, said separately that shareholders should not elect three dissidents seeking seats on Napster's board. The company's annual meeting is scheduled for Sept. 18.

Napster to Offer Digital Music Service across Wide Range of Lenovo Notebooks and Desktops

Support New Nominees for Napster Board; Current Board's Interests Are Not Aligned With Stockholders; Napster Board Needs to Explore the Sale or Merger of the Company

Napster to Offer Digital Music Service across Wide Range of Lenovo Notebooks and Desktops

LOS ANGELES --(Business Wire)-- Napster (Nasdaq:NAPS), the pioneer of digital music, and Lenovo today announced a co-marketing agreement under which Napster's award-winning music subscription service will be offered as a free 14-day trial on most new Lenovo notebook and desktop PCs in the U.S. and Canada.

Napster: 'We're Open To A Sale'; Vote No On The Ice Cream Franchisee

imageTroubled online music retailer Napster (NSDQ: NAPS) has hired UBS (again) to explore strategic alternatives, including a possible sale. The news was made in a letter to shareholders, urging them not to vote for three outside activists, looking to get representation on the board. In the letter, the company notes that the candidates’ previous work experience—musician, nursing home executive, ice cream franchisee, middle management banking executive—is “irrelevant to a company like Napster.� It also notes that contrary to suggestions, it is open to a sale if that turns out to be the best option. Release.

Napster to Offer Digital Music Service across Wide Range of Lenovo Notebooks and Desktops

Lenovo Buyers to Receive a Free Trial to Napster's Award-Winning Digital Music Subscription Service, Napster To Go

Napster Leaves College

p2pnet was the first to reveal Vivendi Universal, EMI, Warner Music and Sony BMG plans to turn universities across America into corporate marketing and enforcement divisions, initially using Napster as the spearhead and Penn State as the first point of penetration. “Napster is the leader in legal online music services and provides access to over 500,000 songs,” said Rod Erickson in 2003.

Beleaguered Napster circles bowl; tries to fend off ice cream store owner

"Poor Chris Gorog... [Back in 2002,] he'd just struck a deal to acquire the insolvent Napster's assets - including its name and iconic kitty logo - for $5 million. Gorog renamed his company Napster and launched a paid music subscription service, insisting the brand alone would draw millions of customers," Devin Leonard reports for Fortune.

Best Buy to acquire Napster

imageBest Buy and Napster have entered into a definitive merger agreement for Best Buy to commence a tender offer for all outstanding Napster shares at a price of $2.65 per share in cash.

Best Buy To Acquire Napster In $121M Deal

Minneapolis — Best Buy will buy the money-losing Napster music-download and -streaming site for around $121 million, including Napster's international operations and mobile-phone services.

Best Buy Coughs Up $54 Million for Napster

MarketWatch reports that Best Buy has decided to toss $54 million into an acquisition of Napster. All told the deal amounts to around $121 million, with about $67 million headed towards getting cash and short-term investments from Napster's balance sheet. "The deal will give Best Buy an online digital music retail outlet as well as a subscription streaming service that has about 700,000 subscribers. That could help Best Buy to compete against retail giant Wal-Mart, which has its own online digital music offering."

Best Buy Commences Tender Offer to Acquire Napster, Inc.

MINNEAPOLIS-- (BUSINESS WIRE) -- Today Best Buy Co., Inc. (NYSE:BBY), through its direct wholly-owned subsidiary Puma Cat Acquisition Corp., commenced a cash tender offer to purchase all outstanding shares of common stock of Napster, Inc. (NASDAQ:NAPS), in accordance with the previously-announced agreement and plan of merger, dated Sept. 14, 2008, among Best Buy, Puma Cat and Napster.

Best Buy Commences Tender Offer to Acquire Napster, Inc.

MINNEAPOLIS, BUSINESS WIRE -- Today Best Buy Co., Inc. (NYSE:BBY), through its direct wholly-owned subsidiary Puma Cat Acquisition Corp., commenced a cash tender offer to purchase all outstanding shares of common stock of Napster, Inc. (NASDAQ:NAPS), in accordance with the previously-announced agreement and plan of merger, dated Sept. 14, 2008, among Best Buy, Puma Cat and Napster.

Best Buy Commences Tender Offer to Acquire Napster, Inc.

MINNEAPOLIS, BUSINESS WIRE -- Today Best Buy Co., Inc. (NYSE:BBY), through its direct wholly-owned subsidiary Puma Cat Acquisition Corp., commenced a cash tender offer to purchase all outstanding shares of common stock of Napster, Inc. (NASDAQ:NAPS), in accordance with the previously-announced agreement and plan of merger, dated Sept. 14, 2008, among Best Buy, Puma Cat and Napster.

Napster urges shareholders to reject dissidents

NEW YORK (Reuters) - Napster Inc (NAPS.O: Quote, Profile, Research, Stock Buzz) said on Friday that its directors had mailed shareholders a letter urging them to reject three dissident board candidates in favor of reelecting three existing directors.

Napster looks to growth from mobile commerce as web sales slip

Online music retailer Napster’s revenue dropped about 6% for its fiscal first quarter versus the same period a year ago. But company executives predict sales to mobile phone users and growing adoption of its digital download service will boost revenue in the second half of the year.

Napster bullish on user engagement

Investors bearish on Napster salesNapster continues to bumble along as one of those curious technology oddities haunting the NASDAQ exchange.…

Napster won't rule out a sale

Beleaguered online-music pioneer Napster announced to shareholders in a letter Friday that it's still employing investment bank UBS and may be positioning itself for "strategic alternatives" to keeping the company public--i.e. a sale.

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