Key Developments For Mercadolibre, Inc.
Mercadolibre, Inc. (MELI.O) (Nasdaq)
MercadoLibre, Inc. Announces Management Transition
MercadoLibre, Inc. announced transitions in the roles of Chief Financial Officer and Chief Operating Officer. Hernan Kazah, currently Executive Vice President and Chief Operating Officer, will take on the role of Executive Vice President and Chief Financial Officer effective April 1, 2009. Mr. Kazah will replace Nicolas Szekasy, who will retire from the Company at the end of the year. Mr. Szekasy will remain with the Company on a part time basis to support Mr. Kazah on the transition until then.
MercadoLibre, Inc. Approves $20 Million Stock Repurchase Plan-DJ
Dow Jones reported that MercadoLibre, Inc. said that its Board approved a share repurchase plan authorizing the repurchase of up to $20 million of the Company's outstanding common stock through November 13, 2009. The timing and amount of any share repurchase under the plan will be determined by management based on market conditions and other considerations, according to a document filed with the Securities and Exchange Commission. Repurchases may be effected in the open market, through derivative, accelerated repurchase and other privately negotiated transactions.
MercadoLibre, Inc. Announces Agreement To Acquire Operations Of DeRemate
MercadoLibre, Inc. announced that the Company has entered into an agreement to acquire operations of DeRemate, an online trading platform, in Argentina, Chile, Colombia and Mexico. The aggregate purchase price to be paid by the Company to DeRemate, upon the closing of the transaction, is $40.0 million. The acquisition is expected to be completed during the third quarter. MercadoLibre will acquire DeRemate for $22.0 million in cash and issue a promissory note to DeRemate for the remaining $18.0 million.
MercadoLibre, Inc. Files $292.14 Million Secondary Offering-DJ
Dow Jones reported that MercadoLibre, Inc., registered with the U.S. Securities and Exchange Commission to sell up to $292.14 million of common stock. The Company did not disclose how many shares will be sold. It said some selling shareholders will sell shares in the secondary offering. JPMorgan and Merrill Lynch & Co. will underwrite the offering. MercadoLibre said it intends to use the net proceeds from this offering to fund future acquisitions or investments.
MercadoLibre, Inc. Prices Initial Public Offering At $18.00 Per Share
MercadoLibre, Inc. announced that on August 9, 2007, it priced its Initial Public Offering of 16,077,185 shares of common stock at $18 per share. The Company expects to sell 2,608,696 of these shares, and 13,468,489 shares are expected to be sold by the selling stockholders. The offering is expected to close on August 15, 2007. J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as joint book-running managers and RBC Capital Markets Corporation and Pacific Crest Securities Inc. acted as co-managers of this offering. The underwriters have a 30-day option to purchase up to an aggregate of an additional 2,411,577 shares of common stock from the Company and the selling stockholders to cover over-allotments, if any.
