USA: Webvan shareholders approve HomeGrocer merger
Shareholders of Webvan Group, Inc. (Nasdaq:WBVN) today approved the Internet retailer's proposed merger with HomeGrocer.com, Inc. (Nasdaq:HOMG) of Kirkland, WA. Approximately 99 percent of shares present were voted in favor of the merger at a special meeting of shareholders held today in Burlingame, CA. Roughly 84 percent of all eligible shares of Webvan common stock voted. 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. The transaction is expected to close on September 5, 2000.
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