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"With our strong cash position and the significant discount to cash value per share reflected in our trading price, our Board of Directors views the tender offer as a prudent use of the company’s resources."
—Marc Geiger,ARTISTdirect Chairman/CEO
Tuesday, February 13, 2001

ARTISTDIRECT BUYS ITSELF

Company To Buy Back Up To 2 Million Shares—That’s Almost $2 Million Total!
ARTISTdirect today announced that its Board of Directors has authorized the repurchase of up to 2 million shares (approximately 5.3% of the company's 37.7 million outstanding shares of common stock).

The repurchase will be made through a "Dutch Auction" style self-tender offer—which means someone from the company has to keep a finger in a dyke and wear wooden shoes—at an expected offering range of between $1.25-$1.50 per share, depending upon market conditions. The company plans to fund the tender offer from its existing cash and the liquidation of short-term investments.

The tender offer is currently expected to commence during the week of Feb. 19.

"With our strong cash position and the significant discount to cash value per share reflected in our trading price, our Board of Directors views the tender offer as a prudent use of the company's resources," said ARTISTdirect Chairman/CEO Marc Geiger. "And the rest of the money we're investing in DEN."

 
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