Google, Yelp Reportedly Halt Merger Talks - TheStreet

Google, Yelp Reportedly Halt Merger Talks

Google's efforts to buy the Yelp Web site stumbled as Yelp backed out of acquisition talks over the weekend, reports say.
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MOUNTAIN VIEW, Calif. (

TheStreet

) --

Google's

(GOOG) - Get Report

efforts to buy

Yelp

, a Web site with directories and reviews of local businesses, stumbled as Yelp backed out of acquisition talks over the weekend, reports say.

Yelp received another offer at a price 50% higher price than the

$500 million Google offered last week

, the

New York Times

reports. "The board was precluded by fiduciary obligations from accepting the Google offer," a person briefed on the discussions told the newspaper.

Yelp and Google declined to comment for the

Times

.

Yelp isn't currently looking to sell to any other company, a source told the

Times

. Though Yelp might be able to get a higher price elsewhere, it isn't interested in merging with a company that isn't a good fit, this person said.

The negotiations, however, may not be over. Two sources briefed on the matter said that Yelp and Google remain in contact and that discussions could resume, according to the

Times

.

TechCrunch

, which first reported the talks between Yelp and Google last week, said the companies were working on the final stages of negotiation.

TechCrunch

said the two companies had agreed on a price of around $550 million plus earnouts but something happened over the weekend and that talks were called off.