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Overstock.com seeks to acquire Weeden Prime Services

Overstock.com Inc. has signed a letter of intent to acquire 51% of the outstanding membership interests of U.S. broker/dealer Weeden Prime Services LLC for $11.0 million in cash.

The letter of intent calls for Overstock.com to make a subsequent purchase of an additional 30% of the aggregate membership interests of the broker/dealer for an additional $7.0 million in cash before the first anniversary of the initial purchase. After the subsequent purchase, Overstock.com will own 81% of the then-outstanding membership units of the broker/dealer.

At any time after the first anniversary of the second closing, Overstock.com may acquire all, but not less than all, of the outstanding membership units of Weeden Prime Services that it does not own at fair market value.

The existing members of Weeden Prime Services will retain some minority investor rights, including with respect to representation on its board of managers.

The transaction is expected to close during the third quarter.