Globalnet Financial/ Telescan merger collapses

The merger agreement between GlobalNetFinancial.com and Telescan has collapsed, with the two financial dotcom sites hurrying to unwind shareholdings in each other. GlobalNetFinancial is also stumping up $250,000 to pay towards merger expenses incurred by Texas-based Telescan.

So what happened? In a joint statement, the companies say - in effect- that they are better off pursuing their "respective growth strategies". That would be an argument, then? ®