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
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
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.
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