Groupon turned down $6 billion from Google to instead go it alone at fundraising
Groupon is brimming with confidence after quickly turning down Google Inc.’s recent purchase offer according to the Wall Street Journal. The offer was reported as being a $6 billion buyout offer.
Instead, the group buying site has decided to go it alone, continuing on the path to raise additional funds. According to a certificate recently filed with the State of Delaware, it’s state of incorporation, Groupon is authorized to sell over 30 million shares of Series G preferred stock. The share price is set at $31.59 per share. That amounts to over $950 million.
The exact amount raised through this new funding effort will be disclosed on Form D documents to be filed with the Securities and Exchange Commission next week, according to VC Experts.
Groupon has pioneered the group couponing trend allowing multiple people to get in on short term deals to save 50 percent and more off of services and goods in their local area. Merchants get a big boost in business and exposure to new customers. The movement has been so popular that a number of knockoff sites have spawned around the concept.
If VC Experts initial figures are correct, Groupon could be valued at up to $7.8 billion if all shares of the Series G round of financing are sold.
It’s a critical time for Groupon as the space continues to heat up. The company is also in the midst of expanding internationally to countries such Hong Kong, Taiwan and Singapore.
