IB deal is done, merger approved by shareholders today

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AnthonyCea

AnthonyCea

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Hellman & Friedman Capital is the proud new owner of Internet Brands, Inc., but the song remains the same with Bob Brisco getting an employment contract to run the company for the private equity firm.

http://investors.internetbrands.com/secfiling.cfm?filingid=1104659-10-63107

The majority shareholders (IdeaLab and Bill Gross) all voted in line as expected approving the sale of IB.

At a special meeting of stockholders of the Company held on December 16, 2010, the Company’s stockholders voted on a proposal to adopt the Merger Agreement. There were 97,220,413 total votes present at the special meeting in person or by proxy. This number includes the votes of holders of 36,720,413 shares of Class A common stock, par value $0.001 per share (the “Class A Common Stock”), and 3,025,000 shares of Class B common stock, par value $0.001 per share (the “Class B Common Stock”). Each share of Class A Common Stock represented one vote, and each share of Class B Common Stock represented 20 votes. The proposal was approved by the following vote:

Class of Common Stock
Votes For ​
Votes Against ​
Abstentions ​
Broker Non-Votes ​

Class A Common Stock
36,704,913​
14,354​
1,146​
0​

Class B Common Stock
60,500,000​
0​
0​
0​

In addition, the Merger Agreement was adopted by the holders of a majority of the outstanding shares of Class A Common Stock other than shares beneficially owned by Idealab Holdings, L.L.C., a Delaware limited liability company, Idealab, a California corporation, and certain other excluded parties.
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Poor VB... as a subsidiary of all this nonsense... they and their clientele will continue to suffer with more management issues. Even though Bob is left in charge for a period to run things, the owners will begin sticking their noses in over that period to see the true issues... and WOW... what will they do when they really get to the true VB side of things? :eek:
 
The entire Board of Directors was changed, but Bob Brisco signed a long term contract to run IB and will remain a large shareholder in the new entity.
 
Bill Gross is one happy camper, he sold off Bob Brisco to other investors !!

Talk about pulling a rabbit out of your hat, the former Board did just that by cutting the deal just in time before the entire house of cards fell, Brisco has to be one of the luckiest men in the world at this point in time.
 
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