Rumor: Groupnet to Acquire 24Quan

Netease Tech, 10/25/12

Lin Ning, CEO of Beijing Wangluo Tianxia Shenghuo Technology (English name: Groupnet), which operates group buy sites Ftuan and Gaopeng, yesterday revealed that Berjaya Corporation Berhad, the largest shareholder in Beijing-based group buy site 24quan.com, has been in frequent contact with Wangluo Tianxia about possibly acquiring 24quan at an undisclosed price.

Lin said the negotiations are being led by Berjaya, and that 24quan founder and CEO Du Yinan is not participating. Du could not be reached by phone.

Editor's Note: For more background on this topic, please see "24quan Suspends Operations" MD 10/19/12 issue.

Keywords: Internet Wangluo Tianxia 24quan Du Yinan Lin Ning Ftuan Gaopeng Groupnet M&A group buying

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