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News Center
26 September 2008
Best Buy Commences Tender Offer to Acquire Napster, Inc
MINNEAPOLIS (Sept. 26, 2008) – Today Best Buy Co., Inc. (NYSE:BBY), through its direct wholly-owned subsidiary Puma Cat Acquisition Corp., commenced a cash tender offer to purchase all outstanding shares of common stock of Napster, Inc. (NASDAQ:NAPS), in accordance with the previously-announced agreement and plan of merger, dated Sept. 14, 2008, among Best Buy, Puma Cat and Napster.
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Best Buy Introduces Blue Label™: New Process for Developing Products Inspired by Listening to Customers
MINNEAPOLIS, Oct. 8, 2008 — Best Buy Co., Inc. (NYSE: BBY) today introduced its Blue Label series, a line of consumer electronic products developed directly from customer feedback and delivering uncompromised performance. The Blue Label series is a result of collaboration between Best Buy and technology companies in which Best Buy gathers insights from customers and works with manufacturers to design products that address those needs.
Gérard R. Vittecoq to Join Best Buy Board of Directors
MINNEAPOLIS – Oct. 2, 2008 – Best Buy Co., Inc. (NYSE: BBY) today announced the appointment of Gérard R. Vittecoq to its board of directors. Vittecoq, a group president of Caterpillar, Inc., will be a Class 1 director with a term expiring in 2010.
UPDATE: Best Buy Hurricane Relief – Impact to Operations, Employees
MINNEAPOLIS, September 19, 2008 – Our thoughts and prayers continue to be those affected by Hurricanes Gustav, Hannah and Ike. Currently, we are operating under the guidance and response efforts of the appropriate federal and local authorities, as well as major relief organizations. As an employer in the impacted areas, we are working hard to support our employees and local communities.
Best Buy to Acquire Napster
MINNEAPOLIS AND LOS ANGELES (Sept. 15, 2008) – Best Buy Co., Inc. (NYSE:BBY) and Napster Inc. (NASDAQ:NAPS) announced today that the two companies have entered into a definitive merger agreement for Best Buy to commence a tender offer for all outstanding Napster shares at a price of $2.65 per share in cash. The transaction, with an aggregate purchase price of approximately $121 million (or $54 million net of approximately $67 million in cash and short term investments of Napster as of June 30, 2008), is subject to customary closing conditions, including the tender of a number of Napster shares that constitutes a majority of Napster’s outstanding shares of common stock (on a fully-diluted basis). The transaction is expected to close during the fourth calendar quarter. The transaction has been unanimously approved by the board of directors of Napster, and Napster’s directors and executive officers have agreed, in their capacities as stockholders, to tender their Napster shares and otherwise support the transaction.
