TITLE

Audible Shareholder Sounds Off on Sale to Amazon

AUTHOR(S)
Schachter, Ken
PUB. DATE
March 2008
SOURCE
Red Herring;3/7/2008, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reveals the opposition of Audible.com shareholders to the company's proposed $300 million (m) sale to Amazon.com. Red Oak Partners, which owns 1.4 percent of Audible shares, claims that the terms of the acquisition deal are inadequate and below fair value. A class-action lawsuit was filed on February 20, 2008 in the Superior Court of New Jersey against six Audible directors over alleged breach of their fiduciary duties. The net income posted by Audible during the fourth quarter was $4 million on net revenue of $31.1 million.
ACCESSION #
36876101

 

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