EarthLink, the Internet Service Provider (ISP) in which Apple has an investment, has purchased approximately 93 percent of PeoplePC’s common stock for $.0221 per share in cash in connection with a previously announced tender offer that expired at midnight on July 30.
PeoplePC is a global provider of Internet access solutions that are designed to “enable its partners to reduce costs, generate revenues and deepen relationships with their constituencies.” The company works with ISPs, employers, membership organizations and individuals in helping to customize such areas as billing management and customer care; branded or private label e-mail and online experience; customer relationship management tools; and hardware options.
As part of the two-step acquisition process of PeoplePC, a subsidiary of EarthLink will be merged into PeoplePC and PeoplePC will become a wholly owned subsidiary of EarthLink. EarthLink anticipates that the merger will be accomplished “in the immediate future.” After the completion of the merger, PeoplePC will cease to be traded on the Nasdaq.