Best Buy Co. Inc. said Monday that it acquired more than 83 percent of the outstanding shares of Napster Inc. during a tender offer that’s part of its $127 million acquisition.

The Richfield-based retailer acquired more than 39.3 million shares of Los Angeles of the online music service’s stock during the $2.65 per share all-cash offer that expired midnight Friday.

Because Best Buy does not beneficially own at least 90 percent of Napster’s outstanding shares, the company said it will launch another offer for the remaining shares of the music-swapping service that will expire at midnight on Wednesday.

“We look forward to concluding the merger so that we can begin the work of increasing Napster’s subscribers and building on its capabilities in the digital media space,” said David Morrish, Best Buy’s executive vice president of connected digital solutions, in a statement.

Napster rose 1 cent to $2.64 in morning trading on the Nasdaq.