Lend a Deaf Ear to Offer, Shareholder Tells Audible
Date: 03-11-2008
Audible Inc shareholder Red Oak Partners LLC wrote a letter to the company stating that Amazon’s $300 million takeover bid is too low to accept and called the amount “an unfair price”. Red Oak Fund’s portfolio manager David Sandberg said about the $11.50 per share offer in a statement, “We analyzed this offer in great detail and believe the board ignored important factors in recommending the deal.” Sandberg wants Audible Inc to go through the deal once again and realize that it is worth is much more. He further insisted that the takeover offer should be based on the analysis of the stock price on a day before the SEC filling that triggered a collapse in the company’s stock price. Meanwhile, other investors were unmoved by Sandberg’s words.
