Internet superstore Buy.com Inc. and SB Acquisition Inc., have signed a definitive merger agreement. SB Acquisitions is wholly-owned by Scott A. Blum, buy.com’s founder.
Under the terms of the agreement, SB Acquisition will pay $0.17 per share in cash, for each outstanding share of buy.com.
The Boards of both companies have unanimously approved the transaction and expect it to close prior to Nov. 30. 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 million, subject to certain conditions being met.
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