CDNow Inc. (Nasdaq: CDNW) was up 7/32 in early trading at 3 1/32 Friday, as the Fort Washington, Pennsylvania-based online music seller said it is continuing to talk with “multiple parties” and is “working toward completing a transaction in the next several weeks.”
CDNow, strapped for cash, began the search for a buyer in March, saying it hoped to find one by the end of June. The company lost 17 cents per share in the fourth quarter, compared with a 9 cent loss a year earlier. The company said on June 15 that it might not meet its original goal of finding a buyer by month’s end.
“The company has not agreed on terms with any party, including a price for an investment or acquisition of all or part of the securities of CDNow,” the e-tailer said in a statement issued after the close of trading Thursday. “There can be no assurance that an offer will be received from any of these groups or that a transaction will be consummated at any time, or what the terms of an agreement might be.”