By Lisa Kerner
Charlotte, N.C., Jan. 31 - Amazon.com, Inc. agreed to acquire Audible Inc. for $11.50 per share in a deal valued at some $300 million, the companies announced on Thursday.
Under the terms of the companies' agreement, Amazon.com will commence a cash tender offer to purchase all of the outstanding shares of Audible.com and will assume Audible.com's outstanding stock-based awards.
The transaction is slated to close by the second quarter, according to a news release.
Audible.com specializes in digital audio editions of books, newspapers, magazines, television programs, radio programs and original programming. The Newark-based company offers over 80,000 programs through its web sites worldwide.
"Audible.com offers the best customer experience, the widest content selection and the broadest device compatibility in the industry," Steve Kessel, Amazon.com's senior vice president for worldwide digital media, said in the release.
"Working together, we can introduce more innovations and bring this format to an even wider audience," Kessel added.
Amazon.com is a Seattle-based internet retailer. The company recently debuted Amazon Kindle, a wireless portable reader that provides instant wireless downloads of more than 90,000 books, blogs, magazines and newspapers to an electronic paper display.
| Acquirer: | Amazon.com, Inc.
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| Target: | Audible Inc.
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| Announcement date: | Jan. 31
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| Transaction total: | $300 million
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| Price per share: | $11.50
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| Expected closing: | By the second quarter of 2008
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| Stock price of target: | Nasdaq: ADBL: $9.33 on Jan. 30
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