LetsBuyIt Shares Soar after Takeover Rumours

15 January 2001

Etailer LetsBuyIt.com, which only a fortnight ago filed for bankruptcy protection and a suspension of loan repayments [WAMN: 02-Jan-01], yesterday saw its shares jump 65% to 0.48 euros after speculation about a takeover.

The online trader has two suitors, both of which also operate on the ‘co-buying’ principle: CoShopper of Norway and French-headquartered Dealpartners.

“Our business is in the same area, so the synergies would be obvious,” commented Marc Schlett, head of CoShopper’s German-language activities. “Their warehouses are full, they have qualified employees, a good customer base and a brand which is well known.”

Dealpartners also sees LetsBuyIt as a potential strategic opportunity. “I know they [Dealpartners’ investors] are interested in seeing what opportunities may be there,” stated the etailer’s UK head Jason Stanard. “Right now the ball’s fully up in the air.”

News source: BBC Online Business News (UK)