VerticalNet Extends Exchange Offer for SierraCities.com
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VerticalNet Inc. (Nasdaq:VERT) announced Friday (Dec 29) that Truckee Acquisition Co., a wholly owned subsidiary of VerticalNet, is extending its offer to acquire all outstanding shares of common stock of SierraCities.com Inc. (Nasdaq:BTOB) until midnight, New York City time, on Tuesday, January 16, 2001. The offer was previously scheduled to expire at midnight on Friday, December 29, 2000.
Based on the count of tendered shares as of 5:30 p.m. New York City Time on Friday, December 29, 2000, approximately 8,747,840 shares of SierraCities common stock, which represents less than two thirds of all outstanding SierraCities common stock on a fully diluted basis, have been tendered and not withdrawn pursuant to the exchange offer.
As a consequence of the extension of the expiration date, holders of SierraCities common stock may tender or withdraw shares until midnight, New York City time, Tuesday, January 16, 2001, unless the offer is further extended.
The extension provides SierraCities stockholders additional time to tender shares so that the minimum condition of at least two thirds of the outstanding shares of SierraCities common stock on a fully diluted basis being validly tendered and not withdrawn prior to the expiration of the offer may be satisfied. The extension also provides VerticalNet additional time to obtain a declaration of effectiveness from the Securities and Exchange Commission with respect to VerticalNet's registration statement relating to shares to be issued by VerticalNet in the offer.
VerticalNet Inc. provides end-to-end e-commerce solutions targeted at distinct business segments through three strategic business units: VerticalNet Markets includes 57 industry-specific web sites designed as online vertical trading communities and provides hosted e-commerce and community capabilities for corporate divisions and mid-size businesses; VerticalNet Exchanges focuses on direct material open and spot markets; VerticalNet Solutions builds digital marketplaces for global 2000 customers, consortia and neutral Net market makers. VerticalNet International leverages the Company's three strategic business units to create global Internet B2B marketplaces, offering products and services internationally and partnering with companies that have strong local presence and domain expertise.
SierraCities is an innovator of technology solutions for online business-to-business financing. The Company's technology platform supports real time funding of e-commerce transactions through one of the most comprehensive online business financing fulfillment solutions available. SierraCities' credit technologies enable B2B e-commerce by empowering businesses to complete transactions more quickly, thereby gaining time and cost efficiencies. SierraCities' infrastructure solution automates much of the process involved in customer acquisition, application, data retrieval, data warehousing, underwriting, documentation, servicing, collections, funding, auditing, and data mining.