Liquid Audio Rejects Steel Partners, Amends Deal
Online music company Liquid Audio Inc. on Monday rejected a buyout offer from one of its investors, choosing instead to amend a current takeover agreement that has been criticized by some major shareholders. Liquid Audio, based in Redwood, California, said the offer by Steel Partners II L.P. to buy it for $2.75 per share was inadequate. Steel Partners owns 9.1 percent of the company and has opposed Liquid Audio’s reverse-merger deal with Alliance Entertainment Corp. Under the amended terms of its deal with privately held Alliance, Liquid Audio now will first buy 10 million of its shares – about 44… Read more »