When ECST priced its IPO at $5.80 per share on August 27, 2004, MALL was trading at $13.43 per share, $5.64 when you adjust for the eventual distribution of ECST shares to the shareholders of MALL on April 12, 2005. The distribution was valued at $7.786. A total of 14 million ECST shares were distributed. The MALL shareholders received 1.2071 shares of ECST for each share of MALL that they held.
MALL closed at $4.94 on Friday.
ECST peaked at $22.25 per share during the fourth quarter of 2004 before beginning a long slow descent to its current price of $1.39.
finance.yahoo.com
ECST recently announced that it had signed a letter of intent to merge with PFSweb, Inc. If the transaction is completed, the shareholders of ECST will receive one share of PFSW, which closed at $1.34 on Friday, for each share that they own.
PFSweb and eCOST.com Sign Letter of Intent to Merge
Thursday November 10, 4:05 pm ET
PFSweb to Expand Product Distribution Platform and Provide Logistics and Fulfillment for eCOST.com On-Line Retail Sales
Combined Revenue for Trailing Twelve Months Ended September 30, 2005 Totals $528 Million
PLANO, Texas & TORRANCE, Calif.--(BUSINESS WIRE)--Nov. 10, 2005--PFSweb, Inc. (Nasdaq: PFSW - News), a global provider of integrated business process outsourcing (BPO) solutions, and eCOST.com (Nasdaq: ECST - News), a leading online discount retailer, announced today they have entered into a non-binding Letter Of Intent (LOI) for the merger of PFSweb and eCOST.com.
Under the terms of the proposed merger, PFSweb will issue to eCOST.com shareholders one PFSweb common share for each outstanding share of eCOST.com in a tax-free, share-for-share transaction. As a result, eCOST.com will become a wholly owned subsidiary of PFSweb. For the trailing twelve months ended September 30, 2005, eCOST.com reported revenue of $192.4 million. PFSweb and eCOST.com's combined revenue for the trailing twelve months ended September 30, 2005 is $528 million. The transaction is subject to due diligence, the execution of a definitive agreement, the approval of the respective Boards of Directors and shareholders of each company and other customary conditions.
PFSweb, known as "the brand behind the brand," currently warehouses, manages and fulfills more than $1.6 billion annually in merchandise and transactions for its clients from distribution facilities located worldwide. eCOST.com is a multi-category online discount retailer of new, closeout and refurbished products, offering more than 100,000 brand-name products including computer hardware and software, home electronics, digital imaging, jewelry, housewares, DVDs, video games, and more, from leading manufacturers such as Apple, Canon, Sony, HP, Nikon, Onkyo, and Toshiba. eCOST.com markets to both consumer and business customers through its Every Day Low Price platform and proprietary Bargain Countdown platform.
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