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Google drops bid for Digg

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Jul 29, 2008

Google has dropped its $200m bid to buy social-news site Digg following five months of negotiations.

The two companies had reportedly been in the final stage of talks to bring Digg into the Google News group for $200m (£100m).

 

Sources from the tech industry say that after meetings between top executives at the search engine and the social bookmarking Web site, there just “wasn’t a fit.”

 

The two companies had been negotiating since March this year, when Digg initially turned down a takeover proposal.

 

Google and Digg had reached the due diligence stage of negotiations, at which company’s technical and financial holdings face deep scrutiny.

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