March 2008
Amazon.com, Inc. announced the completion of its initial tender offer for all outstanding shares of Audible, Inc. (NASDAQ:ADBL). The tender offer expired at 12:00 Midnight, New York City time, at the end of Monday, March 10, 2008.
As of such time, an aggregate of approximately 20.5 million shares of Audible common stock (including approximately 773,000 shares that were tendered pursuant to the guaranteed delivery procedures) had been tendered into, and not withdrawn from, the offer. All of such shares have been accepted in accordance with the terms of the tender offer. The accepted shares, together with the Audible shares already owned by Amazon.com, represent over 87% of Audible's outstanding shares.
As of 9:00 a.m. New York City time on March 11, 2008, Amazon.com will commence a subsequent offering period for all remaining shares of Audible stock. The subsequent offering period will expire at 5:00 p.m. New York City time on Friday, March 14, 2008, unless extended. During this subsequent offering period, Audible stockholders who did not previously tender their shares into the offer may do so and will promptly receive the same $11.50 per share net to the seller in cash (subject to applicable withholding taxes), without interest thereon, offered to stockholders tendering in the initial offering period. No withdrawal rights will apply to any Audible shares tendered during the subsequent offering period.
After expiration of the subsequent offering period, as it may be extended, Amazon.com intends to complete the merger contemplated by the merger agreement as soon as practicable, with Audible becoming a wholly-owned subsidiary of Amazon.com.
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