Amazon.com receives tenders of 87% of Audible shares, starts subsequent offer

By Lisa Kerner

Charlotte, N.C., March 11 - Some 20.5 million shares of Audible, Inc. stock were tendered in Amazon.com, Inc.'s offer for the company that ended Monday.

The total represents over 87% of Audible's outstanding shares and includes shares tendered under guaranteed delivery procedures, a company news release stated.

Amazon began a subsequent offering for the remaining shares of Audible stock at the same $11.50 per share offer price.

The subsequent offering period is set to expire at 5 p.m. ET on Friday.

Amazon.com said it intends to complete its merger with Audible "as soon as practicable" once the subsequent offering period ends.

Audible will become a wholly owned subsidiary of Amazon.com.

On Jan. 31, Amazon.com announced it would acquire Audible for $11.50 per share in a deal valued at some $300 million.

Audible specializes in digital audio editions of books, newspapers, magazines, television programs, radio programs and original programming. The Newark-based company offers over 80,000 programs through its web sites worldwide.

Amazon.com is a Seattle-based internet retailer.

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