MelodyVR Group Plc (LON: MVR) has entered into an agreement and plan of merger with Rhapsody International Inc in connection with the acquisition of Napster.
- As per the terms of the Merger agreement entered by the two companies, a fully-owned subsidiary of the company will be merged with and into Napster
- MelodyVR Group Plc will pay consideration of around $26.3 million to the vendors of Napster to be satisfied in aggregate by $15.0 million in cash, and the issuance of approximately 200 million MelodyVR shares.
- Napster will become a fully-owned subsidiary of MelodyVR Group Plc once the merger gets completed.
- On 25 August 2020, at the time of writing, GMT 09:54 AM, MVR shares were trading at GBX 4.30, unchanged against the previous day closing price.