(Reuters) -Dating app Grindr said on Monday it has ended talks on a non-binding proposal from major shareholders to take the company private for $3.46 billion, citing uncertainty over financing. The proposal, from investors Ray Zage and James Lu, who together control more than 60% of Grindr’s outstanding stock, lacked clarity on funding commitments, the […]
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Grindr board ends talks on $3.46 billion take-private bid over financing concerns
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(Reuters) -Dating app Grindr said on Monday it has ended talks on a non-binding proposal from major shareholders to take the company private for $3.46 billion, citing uncertainty over financing.
The proposal, from investors Ray Zage and James Lu, who together control more than 60% of Grindr’s outstanding stock, lacked clarity on funding commitments, the company said.
“The special committee has been unable to obtain satisfactory information about definitive financing,” the popular LGBTQIA+ dating platform said in a statement.
The bidders did not immediately respond to Reuters requests for comment.
(Reporting by Kritika Lamba in Bengaluru; Editing by Tasim Zahid)