UOL withdraws Classmates IPO

Slightly old news, but for some of my ex-colleagues while I was at United Online (Netzero) who haven't caught it, they have withdrawn the IPO for wholly-owned subsidiary - Classmates.com - which is European equivalent of America's Facebook.

I'm not sure of the reason, but must talk to some of my friends out there, although I'm sure it must be in the best interests of the shareholders given the current market conditions. The company was expecting to incur around $4.5 M to $5.5 M in Q4 2007, in transaction-related costs.