Business & Technology – Amazon to Buy Audible?

Audible told offer is too low

Audible shareholder Red Oak Partners said’s $300 million offer to buy the company is too low and asked that a study determining its value be made public.

Audible’s board “ignored important factors,” including price estimates that didn’t consider the dilutive effect of a 6 million-share offering, in recommending the deal, Red Oak said Friday. Red Oak owns a 1.4 percent stake in the Newark, N.J., company. Audible sells audio versions of books, magazines and newspapers from its Web site.

Internet retailer Amazon agreed Jan. 1 to buy the company for $11.50 a share, a 23 percent premium.

Red Oak doesn’t plan to accept Seattle-based Amazon’s offer, portfolio manager David Sandberg wrote in the letter to Audible Chief Executive Officer Donald Katz, which was included in the statement. Sandberg said the firm may take part in stockholder litigation that has been filed.

Compiled from Bloomberg News

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ANOMALY is an admin user for the Anomaly Media Network of SMiles Lewis. His lifelong interest in all things anomalous led to his creation (and occasional curation) of the network of websites that includes... / / @ Anomaly / / AnomalyMedia.Biz @ @ Austin-UFOn / AusTex Metro UFO Network @ ELFIS.netForteans @ MemeJack @ / @ @ TexWine @ @ / @
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