Yelp is tanking on a report that it's no longer looking to sell
When trading resumed, shares fell more than than 12%.
According to the Bloomberg report, based on interviews with people familiar with the matter, Yelp had been approached by several companies but is no longer interested in selling any time soon.
Yelp hired Goldman Sachs after receiving interest from a potential buyer, according to Bloomberg.
The company is currently valued at nearly $3 billion.
Its stock price spiked more than 25% on May 7 after initial reports that it was exploring a sale, but is now back near the level it was before that news.
Following the news, analysts at Credit Suisse (noting they couldn't confirm the report at the time) identified six potential buyers, including Google, Apple, Amazon, and TripAdvisor.
Here's a chart showing the plunge in shares on Thursday:
Google Finance
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Nainital bucket list: 9 experiences you can't miss in 2024
- India Inc marks slowest quarterly revenue growth in January-March 2024: Crisil
- Nothing Phone (2a) India-exclusive Blue Edition launched starting at ₹19,999
- SC refuses to plea seeking postponement of CA exams scheduled in May
- 10 exciting weekend getaways from Delhi within 300 km in 2024