The Bookseller.com

5th December 2008

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Sameday pulls out of book shop deal

28.08.07 Philip Jones

Samedaybooks' acquisition of Country Bookshop's website has collapsed, just one month after terms for the deal were agreed and announced by Samedaybooks.

According to a statement put out by Samedaybooks: "During ensuing discussions between management of both companies, it was mutually agreed that while there are valuable business opportunities for both parties, an acquisition of Countrybookshop would not maximize shareholder value for either company.

Samedaybooks agreed to buy the online bookselling business and community website of Country Bookshop for £500,000 at the end of July, with Country Bookshop founder Sridhar Siddegowa set to join the Samedaybooks management team. But just last week Country Bookshop launched its online social networking site for the book community, Booksconnect, with no mention of Samedaybooks.

Samedaybooks said that its acquisition of AuctionAssist was progressing, and that the period of exclusivity originally agreed with AuctionAssist had now been extended to 30th September 2007.

Philip Jones Country Bookshop Samedaybooks