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Technology Stocks : VarsityBooks.com (VSTY)

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From: Glenn Petersen	4/18/2008 8:06:58 AM
	of 44

Lights out: Follett Corporation Completes Acquisition of Varsity Group Wednesday April 16, 4:30 pm ET RIVER GROVE, Ill., April 16 /PRNewswire/ -- Follett Corporation and Varsity Group Inc. (Nasdaq: VSTY - News) today announced that Follett has completed its acquisition of Varsity Group through the merger of Follett's wholly-owned subsidiary, VGI Acquisition Corp., with and into Varsity Group. As a result of the merger, Varsity Group has become a wholly-owned subsidiary of Follett. "The merger of Varsity and Follett brings together two pioneers of online textbook sales dedicated to delivering increasing levels of innovation, service and value to the virtual bookstore marketplace," said Christopher D. Traut, president and chief executive officer of Follett Corporation. "Varsity will continue to provide superior service and fulfillment to customers who rely on virtual bookstores to support their educational missions." All outstanding shares of Varsity Group common stock not validly tendered and accepted for payment in the tender offer were converted into the right to receive $0.20 per share in cash, without interest and subject to any applicable withholding of taxes. The depositary for the tender offer and the disbursing agent for the merger will mail to non-tendering Varsity Group stockholders the materials necessary to exchange Varsity Group stock certificates for such payment. Follett and Varsity Group have requested that NASDAQ file a Form 25 with the United States Securities and Exchange Commission causing the delisting of Varsity Group's common stock from NASDAQ and will file a Form 15 completing the deregistration of Varsity Group's common stock under the United States federal securities laws. <snip> biz.yahoo.com

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