ARTISTdirect Announces Final Results of ``Dutch Auction'' Self-Tender Offer.Business/Entertainment Editors LOS ANGELES--(BUSINESS WIRE)--April 20, 2001 ARTISTdirect Inc. (Nasdaq:ARTD) today announced final results for its "Dutch Auction Dutch Auction An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price. Notes: The U.S. Treasury (and other countries) uses a Dutch auction when it sells securities. " self-tender offer Self-tender offer A company that tenders for its own shares. that expired at midnight on Wednesday, April 11. The final count by the depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. for the offer indicated that 6,450,678 shares were tendered and not withdrawn at $1.25 per share. The Company will purchase two million shares tendered at $1.25 per share. Accordingly, the final proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. factor in the offer is 30.8708357%. In accordance with the terms of the offer, the Company accepted all shares properly tendered by eligible odd lot shareholders at $1.25 per share. The aggregate purchase price paid will be $2.5 million. The Company had announced preliminary results of the offer on April 12, 2001. The depositary for the offer will promptly issue payment for the shares accepted under the offer and return all shares tendered in excess of $1.25 per share and shares not accepted because of proration. This tender offer is distinct from the previously disclosed rescission The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed. By Agreement offer, pursuant to which ARTISTdirect plans to offer to repurchase certain options and shares issued prior to the Company's March 2000 initial public offering. About ARTISTdirect Inc. ARTISTdirect Inc. (Nasdaq:ARTD) is a music and media company that combines an online music network with integrated offline assets to provide a single-stop solution for music fans, artists, labels and advertisers. ARTISTdirect.com (www.artistdirect.com), a comprehensive online destination, blends music programming, community, e-commerce retail and digital music services. Through the ARTISTdirect Talent Agency, the Company also manages offline musical tour booking and develops event-marketing programs extending sponsor reach. The Company has headquarters in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . |
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