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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About Webvan
Webvan Group, Inc. is setting a new standard for Internet retailing, combining for the first time the convenience of online shopping with a personalized courier service that delivers products into customers’ homes within a 30-minute window of their choosing. Through its Web site, http://www.webvan.com, Webvan offers a broad selection of quality products at competitive prices. The company’s relentless focus on customer service, innovation, and value saves its customers time and money. Webvan’s corporate headquarters are located in Foster City, CA.
Safe Harbor Statement under Private Securities Litigation Reform Act of 1995:
The statement relating to the expected close of the transaction on September 5, 2000, is subject to the risk that customary closing conditions will not be satisfied on that day.
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