On June 22, 2001, Buy.com's credit card processing company notified it that it intended to discontinue its processing relationship with Buy.com as of July 23, 2001. Buy.com extended the termination date to September 1st on several conditions, including the condition that Buy.com increase its processing payment by 1%. On August 10, 2001, Buy.com signed a definitive merger agreement with SB Acquisition Inc., a company wholly-owned by Scott A. Blum, Buy.com's founder. The company will continue its operations as a wholly-owned subsidiary of SB Acquisition. The merger is subject to stockholder approval and other closing conditions. If the merger is approved, the merger is expected to be completed by the end of November 2001.
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