Petteri Pyyny
17 May 2002 13:14
In last week everything seemed to collapse at headquarters of Napster; board of directors had rejected Bertelsmann acquisition offer and CEO Konrad Hilbers decided to leave the company -- later also six other executives announced that they will leave the company, including Napster's founder, Shawn Fanning.
Now Napster's board of directors have made a full U-turn and have decided to approve Bertelsmann new offer -- which is 50% lower than the previous offer :-)
So, story of Napster as an independent company finally ends. Bertelsmann acquires all shares of the company for $8M which will be paid to company's creditors. Acquisition opens the door for Napster to file for Chapter 11 bankruptcy protection.
Both Konrad Hilbers and Shawn Fanning will stay at the company.