Napster
The Federal Trade Commission has granted early termination to the waiting period for Napster's deal to sell itself to Best Buy Co. Inc., according to a filing Napster made with the Securities and Exchange Commission Thursday.
The $121 million deal announced Sept. 15, which values Los Angeles-based Napster (NASDAQ: NAPS) at $2.65 per share, was granted early termination of the waiting period on Sept. 30, according to the SEC filing.
Through the deal, "Best Buy intends to use Napster's capabilities and digital subscriber base to reach new customers with an enhanced experience for exploring and selecting music and other digital entertainment products over an increasing array of devices," said Richfield, Minn.-based Best Buy (NYSE:BBY) president and chief operating officer Brian Dunn when announcing the deal Sept payday advance. 15.