eToys Direct and BabyUniverse complete merger
Under the terms of the merger the holders of eToys Direct common stock now own approximately two thirds of the new company and BabyUniverse shareholders own approximately one third. The transaction was approved by BabyUniverse shareholders. The merger was previously approved by eToys Direct shareholders, including its largest shareholders, members of the DE Shaw group of companies. The new company will be located in Denver, Colorado and, subject to shareholder approval, will be renamed The Parent Company. Daniel Posner, managing director of DE Shaw & Company, said: "This is a transformational merger, enabling the combined ecommerce company to grow rapidly by leveraging its strong econtent capabilities."