Article: Sitestar Withdraws Bid.(Sitestar Corp.'s bid for Fashionmall.com)(Brief Article)

Sitestar Corp., an Encino-based Internet holding company, said it is withdrawing an unsolicited $22.5-million cash offer for Fashionmall.com Inc. after the online retailer received other higher bids.

Sitestar did not want to raise its hid to level of other suitors, company officials said. In October, Sitestar said it would pay $3 for each of Fashionmall,com's 7.5 million shares, a 39 percent premium at the time.

New York-based Fashionmall.com last week received two other offers: a ...

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