Update: Yelp Investors Interested in IPO Market
Update: Yelp Investors Interested in IPO Market
Posted 12/22/2009 at 6:06am
| by Paul Lilly
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Yesterday we learned that Yelp, a Web 2.0 outfit based in San Francisco that assists city residents with social networking, user reviews, and local searches, turned down a $550 million buyout offer from Google. Just three days ago, an acquisition seemed like a sure bet, so why did Yelp CEO Jeremy Stoppleman nix the deal at the last minute?
Citing "a source close to the company," Silicon Alley Insider says Stoppleman is gung-ho to try the IPO market. If true, that's an interesting decision, considering the company's revenues is in the tens of millions of dollars, a far cry from $550 million.
"Our source tells us investors are the ones most opposed to selling," Silicon Alley Insider wrote.
While that may be the case, it's also conceivable that investors are trying to pressure Google into increasing its buyout offer, or maybe even buy some time for other suitors to take an interest and kick off a bidding war.
Image Credit: shakaama.files.wordpress.com
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jcollins
December 22, 2009 at 12:02pm
Of course, the real question is... Is Yelp doing the Yahoo thing here? Declining the buyout due to the ego and greed of the CEO, only to drive the company into the ground afterwards?
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