BabyUniverse and eToys reveal post-merger plans
BabyUniverse Inc. is getting closer to finalizing its merger with eToys Inc.
Though the two companies haven’t set the date for a final vote by shareholders, BabyUniverse, No. 207 in the Internet Retailer Top 500 Guide, has filed an updated registration statement with the Securities and Exchange Commission that contains more details on the combined company.
The new company will be headquartered at eToys’ current office in Denver and Michael Wagner, CEO of eToys, No. 101 in the Internet Retailer Top 500 Guide, will serve as chief executive, while BabyUniverse CEO John C. Textor will function as chairman. Other eToys executives will also serve as officers of the newly merged company, including Frederick Hurley as senior vice president and chief merchandising officer; Christopher H. Cummings as senior vice president and CIO; and Gary Lindsey as vice president of marketing.
EToys was projecting a net loss of $6.1 million on revenue of $158 million in 2007 and a net loss of $1.3 million on sales of $189.3 million in 2008, according to the regulatory filing.
BabyUniverse shareholders will own approximately one-third of the shares outstanding of the combined company and eToys shareholders will own approximately two-thirds.
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