US EditionPublished • loading... • Updated
Grindr ends talks on $3.46 billion take-private bid over financing uncertainty
Grindr's special committee ended the $3.46 billion buyout talks due to unclear financing from bidders controlling over 60% of stock, impacting shares by 12%.
- On Monday, Grindr ended talks on a $3.46 billion take-private bid by its two largest shareholders, citing uncertainty about definitive financing.
- Investors Ray Zage and James Lu, who control more than 60% of stock, pushed the October bid but the special committee said they failed to clarify timing and financing.
- Grindr said it remains confident in its current strategy and third-quarter performance and kept its full-year revenue growth forecast of about 26%, while Chandler Willison, analyst at MScience, noted the failed deal does not change Grindr's growth strategy.
- The ownership trail dates to 2020 when Ray Zage and James Lu acquired Grindr from Kunlun Tech, framing the current dispute as shares have fallen 22% this year despite outperforming Match Group and Bumble.
- After the SPAC merger in late 2022, Grindr, leading LGBTQ dating app, continues to dominate user base and paid subscribers despite rivals Match Group and Bumble, amid negative stock sentiment.
Insights by Ground AI
12 Articles
12 Articles
Despite the new offers of rivals such as Match (Tinder control company) and Bumble, Grindr still dominates users based terms and subscribers
·Brazil
Read Full Article
Grindrs Special Committee Terminates Negotiations on Take-Private Proposal from Major Shareholders
In a significant development emanating from the boardrooms of West Hollywood, Grindr Inc. (NYSE: GRND), the renowned global social networking platform for the LGBTQ+ community, has come to a crucial decision regarding its future in the public market. Recently, the Special Committee of Grindr's Board of Directors announced its choice to discontinue discussions linked to a non-binding, unsolicited take-private proposal initiated by major sharehold…
Coverage Details
Total News Sources12
Leaning Left2Leaning Right3Center4Last UpdatedBias Distribution45% Center
Bias Distribution
- 45% of the sources are Center
45% Center
L 22%
C 45%
R 33%
Factuality
To view factuality data please Upgrade to Premium
