E-Store acquisition on the Wishlist? - News - Business

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This story was printed from ZDNet Australia.
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E-Store acquisition on the Wishlist?

By Cass Warneminde and Rachel Lebihan, ZDNet Australia
October 03, 2001
URL: http://www.zdnet.com.au/news/business/soa/E-Store-acquisition-on-the-Wishlist-/0,139023166,120260864,00.htm

Speculation is rife that acquisition talks are underway between Australian e-tailers Wishlist.com.au and E-Store.

Five independent sources close to the action told ZDNet Australia that E-Store staff were on Friday sent home for a week, on full pay, to ponder their future following speculation of an acquisition by Wishlist.

E-Store has not been answering calls this week, but E-Store boss Stephen Spilly said in a company email that he is "not in a position to comment right now, but expect [sic] to be in a position to give accurate comment within 1-2 weeks".

Wishlist said -categorically no" when asked if it was purchasing its troubled rival.

-We haven't, have no intentions to, will not," a Wishlist spokesperson emphatically told ZDNet Australia. -It must be someone else."

Despite this steadfast denial, numerous ZDNet Australia sources claim the acquisition plan is currently undergoing the due dilligence process.

The latest scuffle at E-Store follows the retrenchment just a few weeks ago of over half of its staff.

Disclaimer: ZDNet Australia has a content relationship with E-Store.