Groupon said to be looking for a buyer

Groupon shares rallied Monday on a report the discount-voucher website is putting out feelers in hopes of being acquired.

The Chicago company has reached out to several companies in recent weeks as part of a process exploring a possible sale, Recode is reporting, citing two people briefed on the matter. 

While the technology website’s sources did not name specific companies that Groupon had contacted, among the companies viewed as potential buyers include Alibaba, Google-parent Alphabet, Amazon, Apple and IAC. 

Groupon shares jumped as much as 12 percent in morning trade.

The company’s stock price has plunged from their high after an initial public offering in 2011, when it was valued at more than $16 billion, a year after it turned down a $6 billion bid from Google. The company is currently valued at $2.4 billion.

Since taking over as CEO in 2015, Rich Williams has been trying to turn Groupon around, with the company struggling in the face of competition from sites including Yelp.

Groupon’s revenue fell 5.6 percent in 2017 to $2.8 billion. But the company turned an operating profit last year for the first time in three years.

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Categories: Technology

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