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Audible Shareholder Opposes Sale Deal; “Unfair Price”

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We reported on some of these issues from Audible’s filing earlier this year, and now one of the shareholders of Audible (NSDQ: ADBL) has come out in the open about its opposition of the deal, though it only owns about 1.4 percent of the shares: Red Oak Partners has issued an open letter detailing why it opposes the $11.50 per share acquisition deal offered by (NSDQ: AMZN). Among the chief grievances is that the price is “unfair”. Another is that Audible’s banker Allen & Co built out the wrong comparable model when evaluating the asking price: that the comparisons to the sale of ticket resellers ( or online comparison shopping sites ( are not relevant in this case as Audible does not have a direct competitor in the market.

Then the role of Allen & Co: “We question Allen & Company