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Article: FASHIONMALL TURNS DOWN GENESISINTERMEDIA OFFER.(Brief Article)
- Article from:
- WWD
- Article date:
- February 8, 2001
- Author:
CopyrightCOPYRIGHT 2001 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- A buyout offer that even an unprofitable dot-com could refuse?
That's just what Fashionmall.com's board has decided it received back in December from direct marketer and interactive advertiser GenesisIntermedia.com. The group said Wednesday it had rejected an offer made by Los Angeles-based GenesisIntermedia to acquire the six-year-old virtual mall at $2 per share -- far south of the $13 a pop investors paid to take the company public back in 1999 -- plus .29 shares of GenesisIntermedia for each share of Fashionmall.
Including the stock component, and based on recent trading prices of GenesisIntermedia, the nixed stock-and-cash deal ...