Online Merger
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Pets.com Inc. said it’s buying some key assets of rival Petstore.com in a $14-million stock deal that will unite two struggling Internet pet shops. San Francisco-based Pets.com will acquire the rights to Petstore.com’s content, customer database, domain name and trademarks, but will not acquire its inventory distribution centers or staff or assume its debt. Petstore.com is privately held. Pets.com shares dropped 6 cents to close at $2.06 on Nasdaq, down from about $11 at its initial public offering in February.
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