Citing sources close to the situation,
Chicago Breaking Business reported Friday evening that Groupon, based in Chicago, opted to remain private and rejected the offer made by Google, which was rumored to be as high as $6 billion.
Chatter about the potential deal, in the works for weeks, escalated Tuesday and caused a maelstrom of speculation for other local-oriented companies, boosting stock prices for public local firms Friday and coinciding with eBay's (EBAY) buy of Milo.com and Amazon's (AMZN) investment in Groupon rival LivingSocial.
For giants like Google, the appeal of Groupon and its rivals is their knowledge of locals' buying and searching habits -- valuable data as big, global firms move into smaller markets with targeted search and advertising.
Groupon, which offers customers a daily discount from local businesses, could be mulling an IPO, reported Chicago Breaking Business. Like Google, Groupon completed a series of its own acquisitions this week, buying three daily deal sites overseas and a technology company in California.--Written by Maggie Overfelt in New York.
>To follow the writer on Twitter, go to http://twitter.com/maggieoverfelt. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV