According to TechCrunch's Michael Arrington, social networking site Bebo, which claims 25 million registered users and a large user base in the U.K., recently turned down a $550 million acquisition offer from U.K. telecom conglomerate BT Group. Compare to MySpace, which sold to News Corp. for $500 million last summer, and Facebook which turned down a reported $750 million. Bebo appears to be taking a gamble similar to Facebook's, reportedly asking for more than a billion dollars from potential suitors. Facebook, of course, did not win that particular gamble, as no offers of anywhere near that magnitude have come its way since then, but nevertheless the site doesn't seem any worse for it.