Founder Scott Blum Re-Acquires buy.com for $23.6 Million27 Nov, 2001 By: Hive News
Aliso Viejo, Calif.-based buy.com Inc. announced Tuesday that buy.com's founder Scott Blum has re-acquired the company, according to a company press release.
Internet retailer buy.com was purchased by Blum for approximately $23.6 million or $.17 cents per share. Effective immediately, buy.com will become a wholly owned subsidiary of SB Acquisition Inc., a Delaware corporation whose sole stockholder is Blum.
Following a meeting of buy.com shareholders, 96% of buy.com's shares voted at the meeting were voted in favor of the company's purchase by Blum.
At the close of business today, buy.com will no longer be publicly held or traded on the OTC Bulletin Board.
"I've always been passionate about making this company succeed. Not manyentrepreneurs get a second shot at running a company they founded and I planto make the most of it," Blum said. "I'm grateful to the dedicated employees of buy.com and look forward to leading a truly great company."
Buy.com is a low-price online retailer claiming 4 million customers and nearly 1,000,000 products including computer hardware and software, electronics, wireless products and services and books.