Liberty Media Announces Expiration of Partial Offer for 34.2M Shares of Live Nation; Holders Tendered 310,926 Shares; Liberty Media to Boost Stake to 14.5%
Liberty Media Corporation (Nasdaq: LINTB) (Nasdaq: LMDIA) announced today the expiration of its partial tender offer to purchase up to 34,200,000 shares of the common stock (NYSE: LYV) of Live Nation Entertainment, Inc., together with the associated stock purchase rights, at a cash purchase price of $12.00 per share. The tender offer expired at 5:00 p.m., New York City Time, on March 2, 2010.
As of the expiration of the tender offer, shareholders of Live Nation had tendered approximately 310,926 shares of common stock of Live Nation. Pursuant to the terms of the tender offer, shares that were validly tendered and not validly withdrawn have been accepted for payment and Liberty will purchase such shares for $12.00 net per share in cash, without interest and less applicable withholding taxes. Upon the acquisition of those shares validly tendered and not withdrawn, Liberty will increase its beneficial ownership of shares of Live Nation common stock from 14.3% to 14.5%. Promptly following the verification by Live Nation's transfer agent of the number of shares of Live Nation common stock validly tendered in the tender offer, the depositary will issue payment for such shares.
As of the expiration of the tender offer, shareholders of Live Nation had tendered approximately 310,926 shares of common stock of Live Nation. Pursuant to the terms of the tender offer, shares that were validly tendered and not validly withdrawn have been accepted for payment and Liberty will purchase such shares for $12.00 net per share in cash, without interest and less applicable withholding taxes. Upon the acquisition of those shares validly tendered and not withdrawn, Liberty will increase its beneficial ownership of shares of Live Nation common stock from 14.3% to 14.5%. Promptly following the verification by Live Nation's transfer agent of the number of shares of Live Nation common stock validly tendered in the tender offer, the depositary will issue payment for such shares.
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