From: Reuters
Published March 7, 2008 10:30 AM

Audible shareholder opposes proposed Amazon deal

NEW YORK (Reuters) - Audible Inc <ADBL.O> shareholder Red Oak Partners LLC on Friday said it opposes Amazon.com Inc's <AMZN.O> proposed acquisition of the audio book provider, saying that Amazon's offer is too low.

Red Oak Partners said it sent a letter to Audible and Internet retailer Amazon criticizing the deal at $11.50 per share, calling it "an unfair price."

"We analyzed this offer in great detail and believe the board ignored important factors in recommending the deal," said David Sandberg, the portfolio manager of the Red Oak Fund, in a statement.

(Reporting by Franklin Paul, editing by Gerald E. McCormick)

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