Updated from 11:13 a.m. ET
Talk about a hot property.
made a bid to acquire
, a day after a privately held firm submitted an offer via fax, and set the acquisition price at twice the level of the previous proposal.
GenesisIntermedia said it has acquired 7% of Fashionmall's common stock and sent a letter to the online fashion retailer's management and board offering to acquire the rest of the company for $7 a share. GenesisIntermedia would swap $2 in cash and 0.29 shares for each Fashionmall share.
Earlier today, Fashionmall.com said it was "skeptical" that a $3.50-a-share
buyout offer from
, which the Beverly Hills, Calif., firm announced Thursday, was serious.
Shares of Fashionmall were halted at $3.38 on the
Fashionmall, New York, said it would evaluate the Narax buyout offer, but noted that the proposed bid was "less than the book value per share of the company." Fashionmall also said the offer "did not appear to contemplate any payment to the holders of Fashionmall's preferred stock."
Fashionmall also said that it received a similar offer from Internet holding company
in October and that "nothing ever came of it."
GenesisIntermedia recently traded down 31 cents, or 1.8%, to $16.94.