(RTTNews) - Amazon.com
(AMZN) rose in pre-market trading, up almost 4 percent. The advance came as the company completed its initial tender offer to purchase Audible
(ADBL).
The stock was up $2.53 around 9:20 am ET, rising to $66.00. If pre-market gains hold, the stock will open at its highest level since last week.
Amazon.com announced the completion of its initial tender offer for all outstanding shares of Audible. The tender offer expired on March 10, 2008. As of that date, an aggregate of approximately 20.5 million shares of Audible common stock had been tendered. The accepted shares, together with the Audible shares already owned by Amazon.com, represent over 87% of Audible's outstanding shares.
On March 11, 2008, Amazon.com said it would commence a subsequent offering period for all remaining shares of Audible stock. The subsequent offering will expire on March 14, 2008, unless extended.
In January, Online retailer Amazon.com agreed to acquire Audible, an audio book specialist, for $300 million in cash. Under the terms of the deal, Amazon.com will acquire Audible shares through a tender offer valuing each share of Audible at $11.50.
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