Petteri Pyyny
17 Feb 2000 16:50
MP3.com is pulling out of its planned acquisition of Web event planner SeeUthere.com, citing the unavailability of pooling of interest accounting for the merger.
Instead, MP3.com will take a "major stake" in the company for an undisclosed price. SeeUthere is expecting to raise up to $30 million from current and new investors in the coming months, the company said.
The companies will work together in a "strategic relationship" as a result of this deal.
(news from cnet.com)