Sold! Best Buy Swallows Napster For $121 Million

News Type: Event — Seeded on Mon Sep 15, 2008 6:22 PM EDT

Article Source: alleyinsider.com

Looks like Chris Gorog really was serious about selling off perenially troubled Napster (NAPS), after all. He's selling the company to Best Buy (BBY) for $121 million. That's $2.65 per share, which works out to be $54 million net of cash.

The good news for Napster shareholders is that Best Buy is paying twice Friday's closing price. The bad news, for anyone who's held the stock for any length of time: A year ago NAPS was trading above $3.

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Best Buy to Acquire Napster. WTH?	Andy Min	Mon Sep 15	12
Best Buy to acquire music-sharer Napster	Associated Press	Mon Sep 15	0
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Sold! Best Buy Swallows Napster For $121 Million

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