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NEW YORK ( -- I-shop completed a deal for company founders Chan Suh and Kyle Shannon to sell their shares to Seneca Investments LLC, which, as a result of the purchases, now owns a 65% majority stake in the New York-based company.

The agreement, originally announced in May, called for Messers. Suh and Shannon to sell their shares for an initial price of 94 cents per share, and a potential second payment of 47 cents per share.

Previously, Seneca had purchased the stake in held by Omnicom Group, which amounted to approximately 45% of the company. In return, Omnicom took a stake in Seneca, which it has set up with Pegasus Partners II, as an e-services holding company.

Seneca also has an offer out to buy the remaining shares of, which it plans to buy for $ 3.35 per share. That offer will be considered by shareholders at a meeting to be held on Oct. 31.

Seneca made a bid for the outstanding shares of i-shop Organic last month. Seneca owns a minority stake in Organic as a result of a similar shares transfer from Omnicom.

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