YAHOO PAYS UP FOR LAUNCH SHARES
That’s right, you already knew that Yahoo—the 800-lb. gorilla of Web portals—had agreed to purchase online music outfit LAUNCH Media for some $12 million, because you read all about it here way back in June.
So you probably won’t be blindsided to learn that Yahoo today trumpeted the completion of its tender offer for outstanding shares of Launch stock at 92 cents per share. And it was a tender offer, indeed, accompanied as it was by a bouquet of long-stemmed white roses, sumptuous Godiva chocolates and a serenade by a mariachi band.
Some 12,543,266 shares were reportedly tendered—which amounted to 92.5% of all outstanding shares. Yahoo plans to purchase the remaining shares in the merger with Launch, at which time the leftover stock will be converted into the right to receive 92 cents per share in cash. At that point, Launch will move into Yahoo’s place and be given space in the clothes closet and two drawers in the dresser.
As we reported when the deal was finalized, Launch honchos (Launchos?) Dave Goldberg (CEO) and Bob Roback (Prexy) will stay in their posts and at their West Coast offices, helping Yahoo expand its music content and liquidating all remaining stock as fast as they can. The Web giant has also pacted with Vivendi Universal-Sony’s online subscription entity Pressplay.
