March 2008
Amazon.com, Inc. announced the completion of its tender offer for all outstanding shares of Audible, Inc. The tender offer expired at 5:00 p.m., New York City time, on Friday, March 14, 2008.
As of such time, an aggregate of approximately 21.5 million shares of Audible common stock, or approximately 86.9% of Audible's outstanding shares, had been tendered into, and not withdrawn from, the offer. These shares, together with shares owned by Amazon.com prior to the commencement of the offer, represent 89.4% of Audible's outstanding shares. All tendered shares have been accepted in accordance with the terms of the tender offer.
Amazon.com intends to exercise its right under the merger agreement to purchase from Audible, at a price per share of $11.50, the number of newly issued shares of Audible necessary for Amazon.com to own more than 90% of Audible's outstanding shares. Amazon.com intends to complete the merger contemplated by the merger agreement as soon as practicable thereafter, with Audible becoming a wholly-owned subsidiary of Amazon.com.
On February 11, 2008, Amazon.com, through its wholly-owned subsidiary AZBC Holdings, Inc., commenced a tender offer for all outstanding shares of Audible at a price of $11.50 per share net to the seller in cash (subject to applicable withholding taxes), without interest thereon, pursuant to an agreement and plan of merger among Amazon.com, AZBC Holdings and Audible.
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