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(June 28, 2001) -- The board of directors of i-shop, New York, has approved a merger between the company and E-Services Investments Agency Sub LLC, a wholly-owned subsidiary of Seneca Investments.

Once the deal is completed, E-Services will be absorbed into

Following negotiations between Seneca and's special committee of its board, Seneca increased the price to $3.35 per share, half from its original proposal of $3 per share, made May 14. The merger agreement will be subject to a majority approval of non-Seneca stockholders and other closing conditions. The merger will be considered for voting at a special meeting expected to be held by the end of the third quarter. -- Adrienne Mand

Copyright June 2001, Crain Communications Inc.

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