Founder to Acquire buy.com

The man who created buy.com late Friday announced he wants to be back in the drivers seat.

The Aliso Viejo, Calif.-based company and self-proclaimed “Internet Superstore,” says it has agreed to be acquired by Blum and his company, SB Acquisition, Inc. for 17 cents a share in cash.

Buy.com sells brand name products in a broad range of categories, including computer hardware and software, electronics, wireless products and services, books, music, DVDs, games, sporting goods, clearance products, and other small-business items.

Like other Internet retailers, buy.com has had its share of problems including two massive rounds of layoffs in February, the sale of its U.K. operations as well as the resignation of two of its Softbank directors.

The Boards of both companies have unanimously approved the reverse merger, but the merger is still waiting on the approval of buy.com’s stockholders and other regulations.

The companies say the transaction should settle before November 30.