GSI Commerce, Innotrac cancel merger

By Angela McDaniels

Tacoma, Wash., Jan. 29 - GSI Commerce Inc. and Innotrac Corp. said they have mutually agreed to terminate their merger agreement based on current prevailing market valuations.

Neither party has any financial obligation to the other as a result of the termination, according to a joint news release.

Innotrac cancelled the special meeting of its shareholders to consider the merger, which was scheduled for Feb. 6.

In October, GSI Commerce agreed to acquire Innotrac in a cash-and-stock transaction valued at $52 million, or $61.9 million including Innotrac net debt.

Innotrac shareholders would have received about $1.70 in cash and 0.1426 of a share of GSI Commerce common stock, or about $4.03 in total per Innotrac share.

GSI Commerce provides e-commerce and multichannel solutions and is based in King of Prussia, Pa.

Innotrac, based in Duluth, Ga., provides e-commerce fulfillment and customer care services.

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