RIVER GROVE, Ill., April 16 /PRNewswire/ -- Follett Corporation and Varsity Group Inc. (Nasdaq: VSTY) today announced that Follett has completed its acquisition of Varsity Group through the merger of Follett's wholly-owned subsidiary, VGI Acquisition Corp., with and into Varsity Group. As a result of the merger, Varsity Group has become a wholly-owned subsidiary of Follett. "The merger of Varsity and Follett brings together two pioneers of online textbook sales dedicated to delivering increasing levels of innovation, service and value to the virtual bookstore marketplace," said Christopher D. Traut, president and chief executive officer of Follett Corporation. "Varsity will continue to provide superior service and fulfillment to customers who rely on virtual bookstores to support their educational missions." All outstanding shares of Varsity Group common stock not validly tendered and accepted for payment in the tender offer were converted into the right to receive $0.20 per share in cash, without interest and subject to any applicable withholding of taxes. The depositary for the tender offer and the disbursing agent for the merger will mail to non-tendering Varsity Group stockholders the materials necessary to exchange Varsity Group stock certificates for such payment. Follett and Varsity Group have requested that NASDAQ file a Form 25 with the United States Securities and Exchange Commission causing the delisting of Varsity Group's common stock from NASDAQ and will file a Form 15 completing the deregistration of Varsity Group's common stock under the United States federal securities laws. About Varsity Group Varsity Group Inc. is an outsource solution provider to education institutions nationwide. Under the brand Varsity Books, Varsity Group provides solutions that enable schools to focus on their core educational mission. Varsity Group's solutions include online textbook and school supply services. About Follett Follett Corporation is a $2.3 billion, privately-held company that provides products, services and solutions to the educational marketplace. Follett is the nation's largest provider of library materials and library technology to K-12 schools, the leading operator of college bookstores and a major distributor of textbooks to institutions at all levels of education. Follett Corporation was founded in 1873, and is headquartered in River Grove, Illinois. Cautionary Statements Statements in this release that are not statements of historical fact may include forward-looking statements. Any such forward-looking statements are subject to risks and uncertainties. Such forward-looking statements include statements concerning the completion of the transactions contemplated by the merger agreement, including the merger and the timing thereof and the business opportunities afforded by the merger. For a discussion of other risks facing Varsity Group's business, please refer to the documents filed by Varsity Group with the United States Securities and Exchange Commission from time to time.
SOURCE Follett Corporation