Webvan Accepts $2.5 Million Bid for Technology Platform - Mergers & Acquisitions - Brief Article

Information Superhighways Newsletter, Oct, 2001

Webvan Group announced that it has entered into a $2.5 million contract for the sale of its technology platform to Mercury Acquisitions Corp., a company controlled by Webvan's founder, Louis Borders.

In early August, Webvan began soliciting bids for its assets, including both the Webvan and HomeGrocer technology platforms. Over 100 parties were contacted and more than 30 entities expressed interest in the platform. After reviewing all proposed offers for the technology platforms, Webvan chose Mercury Acquisition Corp.'s offer to purchase the Webvan and Home Grocer technology platforms, as well as their respective trademarks, patents, and other intellectual property.