Baidu Seen Eyeing Renren Group-Buying Website
By REINHARDT KRAUSE, INVESTOR'S BUSINESS DAILY
Tue, Aug 13 2013
Baidu ( BIDU) is in talks to acquire social networking website Renren's ( RENN) Nuomi group-buying unit, says a Chinese media report.
Renren's U.S. stock was up 7% in midday trading in the stock market Tuesday. Sohu.com's ( SOHU) tech news outlet reported that Web search firm Baidu and Renren have been in talks for two months. Baidu declined to comment, according to a Bloomberg News story.
China's group-buying websites sell discounted good and services to subscribers but have struggled to turn profitable. Nuomi competes against bigger Lashou, Fantong and Kaixin.
Renren is slated to report its Q2 results on Wednesday. The U.S. stock has struggled since it started trading at $14 in 2011, touching an all-time low of 2.52 on April 23. But it was trading near 4.25 midday Tuesday.
Baidu was up 2%, near 140, in midday trading Tuesday. The stock has risen nearly 40% this year.
Baidu ( BIDU) is in talks to acquire social networking website Renren's ( RENN) Nuomi group-buying unit, says a Chinese media report.
Renren's U.S. stock was up 7% in midday trading in the stock market Tuesday. Sohu.com's ( SOHU) tech news outlet reported that Web search firm Baidu and Renren have been in talks for two months. Baidu declined to comment, according to a Bloomberg News story.
China's group-buying websites sell discounted good and services to subscribers but have struggled to turn profitable. Nuomi competes against bigger Lashou, Fantong and Kaixin.
Renren is slated to report its Q2 results on Wednesday. The U.S. stock has struggled since it started trading at $14 in 2011, touching an all-time low of 2.52 on April 23. But it was trading near 4.25 midday Tuesday.
Baidu was up 2%, near 140, in midday trading Tuesday. The stock has risen nearly 40% this year.
news.investors.com |
