Best Buy completes subsequent offer for Napster; merger could close Friday

By Lisa Kerner

Charlotte, N.C., Oct. 30 - Best Buy Co., Inc. said approximately 3.9 million shares, or an additional 8.3%, of Napster, Inc. common stock had been validly tendered in the subsequent offering period that ended Wednesday, giving Best Buy an 85.9% stake in the company.

By exercising the top-up option under its agreement with Napster, Best Buy bought newly issued Napster shares to beneficially own more than 90% of the Los Angeles interactive music services provider.

The merger of Best Buy and Napster is now expected to close on or before Friday.

Each outstanding share of Napster common stock will be converted into the right to receive $2.65 per share in cash and without interest.

Best Buy, a Richfield, Minn., specialty retailer of consumer electronics and entertainment software, plans to fund the acquisition using available cash.

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