SAN DIEGO, May 20 — The world’s largest record company said Sunday it is acquiring MP3.com for $372 million in cash and stock, eight months after beating the online music provider in court. Paris-based Vivendi Universal said the deal will advance its efforts to create an online digital music subscription service.
VIVENDI SAID it was a friendly transaction, approved by the board of San Diego-based MP3.com, and it expects that more than 50 percent of the company’s shareholders will vote for it.
MP3.com shareholders will be paid $5 for each share they own or receive stock in Vivendi worth $5, or a combination of both, Vivendi said. Shares of MP3.com traded at $3.01 on the Nasdaq stock exchange at Friday’s close.
Vivendi Universal owns Universal Music Group and Universal Studios, a 51 percent stake in European pay-TV provider Canal, and other holdings.
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