Melco International Development share price dropped 6.15 per cent after its acquisition plan for assets from e-commerce solutions provider iMerchants lapsed. While the original deal fell through, Melco said it and iMerchants' owner Leroy Kung Ling-yuen were holding negotiations in relation to a possible new agreement concerning Melco's potential investment in Exploration Enterprises. 'Negotiations are at preliminary stage and terms have not been agreed. There is no assurance that any new agreement will be reached.' The counter closed at $3.05 yesterday, down 20 cents from the last price before its suspension on December 15. Trading resumed yesterday. Melco originally planned to buy a 48.75 per cent stake in Exploration Enterprises from Mr Kung for $390 million by issuing new shares, bonds and options. Mr Kung would then inject iMerchants' assets into Exploration Enterprises. However, Melco yesterday said the listing committee of the stock exchange had ruled the deal to be a very substantial acquisition and would be treated as a new application for listing. In this situation, the deal had therefore lapsed under the original agreement between Melco and Mr Kung.