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August 7, 2001 — (WEB HOST INDUSTRY REVIEW) — Shareholders of Micron Electronics, Inc. (micronelectronics.com) and Interland, Inc. (interland.com) today overwhelmingly approved the acquisition of Interland by Micron during separate shareholder meetings held in Atlanta.
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Of the Micron Electronics shareholder votes, more than 99 percent were in
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favor of the transaction, which represents more than 71 percent of the votes
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entitled to be cast. Of the Interland shareholder votes cast, more than 99
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percent were in favor of the transaction, which represents more than 63
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percent of the votes entitled to be cast.
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“Clearly, our shareholders agree that combining Micron Electronics and
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Interland is a winning proposition,” said Joel J. Kocher, chairman and CEO
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of Micron, in a statement. “With the closure of this acquisition, we
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effectively double the size of our hosting business, creating the leading
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business-class Web hosting company focused on the small and medium
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enterprise market. The combination gives us the scale to achieve
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efficiencies and synergies that allow us to drive to profitability and
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return value to our shareholders.”
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The companies announced the signing of a definitive merger agreement on
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March 23, 2001. Upon completion of the transaction, Micron Electronics will
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change its name to Interland, Inc. and will move its headquarters to
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Atlanta.
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“Not only do we gain scale and efficiency, but with more than $200 million
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in cash and very low debt, we are fully funded and positioned to take
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advantage of a consolidating market,” said Ken Gavranovic, Interland’s CEO.
