Aug, 2001 : Micron and Interland Shareholders Approve Acquisition

📅 August 7, 2001 - Shareholders of Micron Electronics, Inc. (micronelectronics.com) and Interland, Inc. (interland.com 👉 Total Reviews: 2
🙌 Average Rating: 5 / 10
👍 Good Reviews: 1
👎 Bad Reviews: 1
👈 Official Responses: 0) today overwhelmingly approved the acquisition of Interland by Micron during separate shareholder meetings held in Atlanta.

Of the Micron Electronics shareholder votes, more than 99 percent were infavor of the transaction, which represents more than 71 percent of the votesentitled to be cast. Of the Interland shareholder votes cast, more than 99percent were in favor of the transaction, which represents more than 63percent of the votes entitled to be cast.
"Clearly, our shareholders agree that combining Micron Electronics andInterland is a winning proposition," said Joel J. Kocher, chairman and CEOof Micron, in a statement. "With the closure of this acquisition, weeffectively double the size of our hosting business, creating the leadingbusiness-class Web hosting company focused on the small and mediumenterprise market. The combination gives us the scale to achieveefficiencies and synergies that allow us to drive to profitability andreturn value to our shareholders."
The companies announced the signing of a definitive merger agreement onMarch 23, 2001. Upon completion of the transaction, Micron Electronics willchange its name to Interland, Inc. and will move its headquarters toAtlanta.
"Not only do we gain scale and efficiency, but with more than $200 millionin cash and very low debt, we are fully funded and positioned to takeadvantage of a consolidating market," said Ken Gavranovic, Interland's CEO.