b2bstores.com, Inc. (Nasdaq: BTBC) was up 1/2 at 4 7/8 early Tuesday after the Long Beach, California-based company said it is in talks with Zero.net about a possible merger.
The B2B company said it invited Zero.net, which owns about 12.5 percent of b2bstores.com’s outstanding shares, to make a specific proposal including terms.
“We intend to hire an investment banking firm to assist us in determining the best course of action as the company pursues its growth strategy,” said Chairman Richard Kandel. “Among the alternatives that the firm will be researching will be acquisitions, mergers and other alliances that will be beneficial to our shareholders.”
The company also said Philip Ellett, Ralph Godfrey, John Higgins and William Strauss resigned as directors, leaving Kandel, Chief Executive Officer WooJin Kim and three outside members remaining.