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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About HomeGrocer.com
HomeGrocer.com, based in Kirkland, Wash., combines technology with highly personalized service to revolutionize the way people shop. The HomeGrocer.com system integrates its Internet Website, www.homegrocer.com, with its customer fulfillment centers and fleet of tri-temperature trucks to deliver the highest quality products directly to customers’ homes or offices. HomeGrocer.com offers an extensive selection of groceries and household goods, including name-brand items, top-quality produce, meats, seafood and dairy products, fresh flowers, health and beauty aids, and top-selling books, videos and movies. HomeGrocer.com’s shares are quoted on the Nasdaq under the symbol “HOMG.”
