DangDang spurns Amazon bid, setting sights on IPO

DangDang.com, a leading online bookstore and Amazon lookalike, which reportedly spurned a US$1 billion takeover offer from Amazon.com, said it would begin work on its own initial public offering on the NASDAQ next year, two years ahead of schedule. DangDang said it targeted sales of RMB 1 billion within two or three years, 10 times sales last year when it broke even after years of losses. It said talks with Amazon, which reportedly raised its initial offer by US$150 million, ended after six months. DangDang said negotiations broke down over control issues, not price. Amazon reportedly wanted 70-90% control.