Skip to main content (GENI) said fashionmall.comundefined rejected its acquisition offer, but indicated that the companies are working on forming a strategic alliance.

In December, received a

cash offer of $3.50 a share from


, a Beverly Hills, Calif., merger and acquisitions firm. Marketing and advertising company then disclosed that it had acquired 7% of, and

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doubled the Narax bid, offering $7 a share in cash and stock. Based on the stock portion of GenesisIntermedia's offer and its Nasdaq closing price yesterday, the deal would have been worth $7.64 a share.

On Jan. 22, said it sold 298,000 shares, or 56% of its shares of, to increase liquidity, while reaffirming its interest in the online retailer. "The sale of FASH shares, however, is no way an indication of waning interest in the transaction and we have no present plans to dispose of the remainder of our FASH shares," the company said in a press release.

Shares of both companies were down in recent


trading, as fell 9 cents, or 4.3%, to $2.16, and dipped 44 cents, or 2.3%, to $19.13.