Facing a challenge from three dissident investors, Napster Inc. executives said Friday that they are willing to consider a sale.

The Los Angeles-based company has retained UBS Investment Bank as an advisor, according to Bloomberg.

In a letter mailed to shareholders on Friday, Napster stated that the insurgent shareholders have not laid out plans to improve fortunes at the beleaguered music download company and urged them to re-elect the board incumbents.

The three disgruntled shareholders, who own about 1.5 percent of the company’s stock, applied in June for election to the company’s board and were rejected. They have said they plan to seek election again at the annual shareholders meeting on Sept. 18.

Napster’s shares closed up 1 cent to 1.34 on the Nasdaq. Since reaching a high of $25.29 in April 2002, the company’s shares have declined 95 percent.