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Investing.com -- Grindr Inc. (NYSE:GRND) stock rose 2% in after-hours trading following the company’s confirmation that it received an unsolicited take-private proposal from major shareholders Ray Zage and James Lu.
The offer values the LGBTQ+ dating app at $18.00 per share in cash. Zage and Lu, along with their affiliated entities, currently own more than 60% of Grindr’s outstanding common stock.
A Special Committee of independent directors, formed on October 14, is reviewing the proposal. "The Special Committee, in consultation with its legal and financial advisors, is reviewing the unsolicited take-private proposal and will be evaluating the best path forward for all shareholders," said Special Committee Chair, Chad Cohen.
The company cautioned that there is no guarantee the proposal will result in a transaction or other strategic outcome. Grindr stated it does not intend to provide further updates unless appropriate or necessary.
J.P. Morgan Securities LLC is serving as financial advisor to the Special Committee, while Vinson & Elkins LLP is acting as legal counsel.
Grindr, which describes itself as "the Global Gayborhood in Your Pocket," emphasized that it remains focused on continuing its business execution and serving its user base.
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