Napster, Inc. (NAPS) to be Acquired by Best Buy Co., Inc. (BBY) for $2.65 per Share in Cash
Best Buy Co., Inc. (NYSE: BBY), a multinational retailer of technology and entertainment products and services, and Napster Inc. (NASD: NAPS), one of the most recognized brands in digital music and a leading provider of online music for the consumer market, recently announced 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. With an aggregate purchase price of roughly $121 million (or $54 million net of approximately $67 million in cash and short-term investments of Napster…