USA: HomeGrocer.com shareholders approve Webvan merger
Shareholders of HomeGrocer.com, Inc. (NASDAQ:HOMG) today approved the Internet retailer's proposed merger with Webvan Group, Inc. (NASDAQ:WBVN) of Foster City, Calif. More than 85 percent of HomeGrocer.com's 128,175,016 common shares outstanding were cast in support of the merger at a special meeting of shareholders held today in downtown Seattle. As previously announced, Webvan will issue 1.07605 shares of its common stock in exchange for each outstanding share of common stock of HomeGrocer. HomeGrocer.com will become a wholly owned subsidiary of Webvan Group, a leading online retailer with delivery capabilities. The transaction is expected to close on Sept. 5, 2000.
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