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Tom Online Formally Denies Acquisition Talks
March 4, 2005 |
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In a one sentence statement issued to local Chinese media, Tom Online (TOMO) yesterday said that is has not discussed with Alibaba, or any of the its affiliates, possibilities of a merger.
Earlier in the week, Chinese websites posted stories of rumors that Tom Online might purchase Alibaba or its auction subsidiaries.
The rumors are attributed to overactive speculation about how Tom Online plans to spend its millions of dollars in ready cash. Though Tom Online ruled out any previous talks with Alibaba about a merger, online discussions in China today still say that perhaps Tom Online is seeking partnerships with similar online auction websites.
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