buy.com Inc., and SB Acquisition, Inc., a company wholly-owned by Scott A. Blum, buy.com's founder, have signed a definitive merger agreement. Under the terms of the agreement, SB Acquisition, Inc.
will pay $0.17 per share (today's closing price), in cash, for each outstanding share of buy.com. The transaction is structured as a reverse merger and will be accounted for under the purchase method
of accounting. The boards of both companies have unanimously approved the transaction and expect it to close prior to November 30, 2001. The merger is subject to approval of buy.com's stockholders and
other closing conditions. As part of the agreement, SB Acquisition will immediately provide buy.com with interim financing of up to $9.0 million, subject to certain conditions being met.
- Adam
Bernard