Tickets.com Nosedives on Acquisition Plans
Tickets.com Inc. bombed on Wall Street on Wednesday, a day after the online e-commerce company announced a tentative agreement to acquire the United Kingdom’s second-largest ticketing company.
The Costa Mesa company’s shares slumped $2.75, or 20%, to $10.88. Earlier in the session, the shares hit $9.75, the lowest price since Tickets.com went public in November.
The company, which sells tickets to concerts and other events through the Internet, agreed to buy First Call International Ltd. for up to $127 million in stock to gain market share in the U.K.
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