Groupon rejects Google's $6b offer
Deal-of-the-day website operator Groupon is believed to have walked away from a $6 billion (€4.5 billion) offer from Google.
The company has chosen to stay independent and is mulling an IPO a company insider told All Things Digital, adding that a decision on the share sale will be taken in 2011.
However, the sale to Google isn’t dead in the water and talks could resume if Groupon’s management has a change of heart, Bloomberg reported.
Groupon's potential valuation has shot up from just $1.3 billion in April. It turned down a $3 billion offer from Yahoo earlier this year, and reportedly rejected Google's initial approach of $3.5 billion to $4 billion.
The company reportedly generates annual revenue of $2 billion – far higher than the $500 million originally quoted, All Things Digital said.
The acquisition would have been Google's largest – nearly double the $3.2 billion it paid for display ad company DoubleClick in 2007.