British e-tailer lastminute.com revealed today that it has bought out the entire share capital of Anglo-Dutch group Urbanbite.com for around £140,000 (US$196,000) in shares.
Once the acquisition is completed, Urbanbite shareholders will not be allowed to sell any lastminute.com shares for a year. They could, however, receive further payments from the new parent company dependent on Urbanbite’s financial performance.
Urbanbite is an online food ordering service, which held a cash balance of about €100,000 (US$85,600) at Friday’s close.
To satisfy the deal, lastminute will issue 442,151 new shares at 31.5p each.
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