Audible.com (ADBL) Shareholder Red Oak Partners Opposes Proposed Acquisition of Company for $11.50/Share by Amazon.com (AMZN)
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Red Oak Partners, LLC, a shareholder of Audible.com stock (Nasdaq: ADBL), has disclosed today that it sent a letter to the Chairman of Audible.com as well as the Chairman of Amazon.com (Nasdaq: AMZN) criticizing the proposed acquisition of Audible at $11.50./share as representing an unfair price. David Sandberg, the portfolio manager of the Red Oak Fund, LP, stated, "We analyzed this offer in great detail and believe the board ignored important factors in recommending the deal.
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