The British start-up Online Shop has reportedly rejected an all-cash buyout offer from what is presumed to be Alibaba Group Holding Limited, the parent company of Alibaba.com and AliExpress.com. According to reports, the proposed deal was worth around ¥159,251,319.47 or $25,000,000.00. China Daily had reported that the offer was made to strengthen the Sino-Anglo relationship and to bolster the presence of the Chinese e-commerce giant in the region through a more friendly home-grown approach. It has not been reported why the buyout offer was rejected or further details of the deal revealed. However, it has been assumed in the reports that the rejection came down to the managing board not wanting a foreign takeover and for the company to remain inherently British.
Online Shop, which from official government records shows only as being incorporated in April 2021, has been established as a UK household name for e-commerce software, akin to Britain’s own version of Amazon.com. The company is being led by Terry McGinnis and has received funding from parties such as British-American property tycoon Robin Vauvelle who also acts as managing director of the start-up according to government records, and celebrities such as Ryan Gosling.
It has been reported through several news outlets that the company is looking to expand to the United States in the near future due to rapid growth and as a way to further strengthen American-British relations to the welcoming cheer of American and British political parties and investors with predicted further job creation. In addition, E-commerce services such as Online Shop, Amazon and Alibaba have seen a 200% month-on-month growth since the COVID-19 pandemic, with new online-only retailers being established with unprecedented turnaround time and established e-commerce services looking to expand to new markets.