BabyUniverse Inc. is getting closer to finalizing its merger with eToys Direct.
The company, an online retailer of baby and toddler-oriented merchandise and a provider of online content for expectant and new parents, recently filed new documentation with the Securities and Exchange Commission that outline plans to pay down debt prior to the merger and issue a definitive proxy statement to shareholders.
The filing notes that BabyUniverse's debt for borrowed money and fees related to the merger agreement between it and eToys Direct, No. 101 in the Internet Retailer Top 500 Guide, will be paid in full prior to a final deal. BabyUniverse is No. 207 in the Internet Retailer Top 500 Guide.
On June 13, BabyUniverse completed a private placement of its equity securities of $7.5 million to pay related merger fees. On June 6 BabyUniverse also secured a $2.5 million private placement transaction with an unnamed “large institutional investment fund.”
“Filing the statement was a significant step forward in completing our proposed merger with eToys,” says BabyUniverse chairman and CEO John Textor. “Over the last three weeks we have raised an aggregate of $10 million in equity financing. This financing removes one of the few remaining significant conditions to closing this merger."
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