Madison Avenue might just grace the fancy hills of 90210.
received a buyout offer from
, a Beverly Hills, Calif., mergers and acquisitions firm, valued at $3.50 a share in cash.
The buyout offer represents about a 35% premium over New York-based Fashionmall's stock price of $2.59 when trading in its shares was halted.
Narax said the financing for the deal has already been "lined up." The firm also said it believes Fashionmall.com, whose tagline is "Fashion's Most Powerful Click," will support the deal, as "our offer is at a substantial premium to the current market price."
Narax, which invests in early stage companies and Internet businesses, said it believes Fashionmall.com is an "extraordinary opportunity that could be developed" and "has the potential to expand into overseas markets."