Stock market today: S&P 500 falls as government shutdown, trade jitters persist
Investing.com -- Grindr (NYSE:GRND) stock jumped 11.2% Monday following an article from Semafor saying that company insiders are discussing taking the dating app private, potentially valuing the firm at around $3 billion.
Raymond Zage and James Lu, who hold a controlling stake in Grindr, are reportedly in discussions with Fortress Investment Group to secure debt financing for acquiring the company, according to Semafor, citing people familiar with the matter. The potential buyout price being discussed is approximately $15 per share, which represents a premium to the current market value of $2.4 billion.
The talks come after a unit of Singapore’s state investment firm Temasek seized and sold some shares that had been used as collateral for personal loans made to at least one of the controlling shareholders, sources said.
The move toward privatization follows a stock slide that reportedly put the majority owners in a difficult financial position. Zage and Lu control most of Grindr’s shares, and the transaction would allow them to take full ownership of the dating app away from public markets.
While discussions are described as fast-moving, sources indicated that the proposed buyout price could still change as negotiations continue.
DISCLAIMER: James Lu is the Chairman of Grindr Inc. and owner of Investing.com.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.