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Grindr shareholders offer to take dating app private for $3.46 billion
The $3.46 billion offer includes an 18-dollar per share bid, a 51% premium, aiming to boost control amid industry challenges, the special committee said.
- The company's special committee is now reviewing Friday's unsolicited offer from two Grindr board members in an investor group owning more than 60 per cent to take Grindr private for about $3.46 billion.
- Since its 2022 public listing, Grindr, LGBTQIA+ dating platform, has faced volatile stock and sector-wide 'swiping fatigue' slowing user additions, pressuring growth alongside peers Match Group and Bumble.
- The bid values Grindr at $18 per share, implying a premium; the consortium says it has financing commitments.
- Market reaction was swift, with Grindr shares closing up nearly 19 per cent on Friday after the unsolicited offer surfaced and last week the board set up a special committee of disinterested and independent directors to vet definitive proposals.
- Investor confidence and financing suggest momentum behind the bid, which would give Ray Zage and James Lu control of a platform with millions of users in more than 190 countries.
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Grindr Shares Soar As Majority Shareholders’ Buyout Offer Values Dating App At $3.5 Billion
Billionaire George Raymond Zage III and James Lu—who own a combined 64% of Grindr—are making an offer as the company’s shares tumbled this year despite an improvement in net profit.
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Total News Sources11
Leaning Left1Leaning Right0Center6Last UpdatedBias Distribution86% Center
Bias Distribution
- 86% of the sources are Center
86% Center
14%
C 86%
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