BabyUniverse Inc. and eToys Direct Inc. have set Oct. 12 as the date for a special meeting for shareholders to vote on their merger.
If shareholders approve the merger, eToys Direct, No. 101 in the Internet Retailer Top 500 Guide, will be the surviving company, but will become a wholly owned and direct subsidiary of BabyUniverse, No. 207 in the Internet Retailer Top 500 Guide.
BabyUniverse shareholders will own approximately one-third of the shares outstanding of the combined company and eToys shareholders will own approximately two-thirds.
The new company will be headquartered at eToys’ current office in Denver and Michael Wagner, CEO of eToys, will serve as chief executive, while BabyUniverse CEO John C. Textor will function as chairman.
Other board members in addition to Wagner and Textor include D.E. Shaw vice president Lauren Krueger; John Schaefer, an industry consultant and the former president and CEO of Cornerstone Brands Inc.; and Digital Domain Inc. executive vice president Edward Ulbrich.
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