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Napster (NAPS) Sees Interest on Takeover Speculation
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Napster (Nasdaq: NAPS) is fractionally higher today (+0.7%) after rising 27% on Friday, following a report from Bloomberg that hedge funds could take over the company, targeting its cash hoard, which, at $69.8 million, is higher than its market capitalization.
Hedge fund Eminence Capital recently boosted its stake in Napster to 9%. In addition, the portfolio manager of Munder Capital, a 6% shareholder, thinks the company may be an attractive target for a buyer like JDS Capital Management Inc., the New York hedge fund that owns digital-music retailer eMusic.com
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