Michael Arrington has reported that Bebo, a social networking website, rejected a £300 million ($552 million) acquisition offer from British Telecom Group.

According to the post on TechCrunch, the social networking site rejected the offer because the folks at Bebo were looking for an offer that would fetch them more than a $1billion!!

You can read the whole post here.

But what really does get to me, is that, how can a social networking website, that recently raised $15 million from Benchmark Capital, throw out a half billion dollar deal in the wink of an eye? How? What is the web 2.0 bubble coming to? Damn!