Globalnet Financial.com, the semi-comatose Web-based finance news operation, has torn up an agreed bid from New Media Spark, and is now selling itself to AISoftware, an Italian technology group.

AISoftware last week made a cash offer for Globalnet worth $11.25m approx, trumping New Media Spark's revised cash bid of $9m. The company says it will also supply Globalnet with bridging finance of $3m while the deal is completed.

Which is interesting: What in the way of operating businesses does Globalnet have that it needs so much money? Granted, the company raced through most of the £55m it raised through IPO. But it recently sold off its financial news operations to rival operator ADVFN for £800K cash - and it still says it will run out of money sometime in the third quarter.

Globalnet has shares in a number of dotcom operators - including a stake in New Media Spark.

New Media Spark could always come back with a revised offer - or legal action. ®