The merger follows a cash tender offer for all outstanding shares of EMusic at $0.57 per share, which was completed upon the expiration of a subsequent offering period on June 1, 2001.
As a result of the merger, each outstanding share of EMusic not owned by Universal Music Group has been automatically converted into the right to receive $0.57 per share in cash. Former EMusic shareholders who did not tender their shares in the tender offer will receive a Notice of Merger and a Letter of Transmittal that will instruct them as to how to receive the $0.57 per share or, in the alternative, exercise appraisal rights under Delaware law.
Since it was founded in January 1998, EMusic has established itself at the forefront of how music will be discovered, delivered and enjoyed in the next decade. In addition to having the Internet’s leading downloadable music subscription service, EMusic operates one of the most popular families of music-oriented Web sites — including RollingStone.com, EMusic.com and DownBeat.com.
