Groupon Equity Sale Approved
Groupon Equity Sale Approved
Groupon was granted approval on Wednesday to raise as much as $950 million in equity financing by officials with the state of Delaware. Groupon filed a request on December 17th, saying that it intended to sell equity stakes in the company for $31.59 each, according to a report from Reuters. The equity sale would give the online discount site a valuation of between $6.4 billion and $7.8 billion.
The equity stakes would automatically convert to common shares if the company were to be made public at any point in the future. Groupon has been looking to grow as it spurns acquisition offers from larger companies and faces growing competition. The company recently named a former Amazon executive as its Chief Financial Officer. The move is viewed as a sign that the company is nearing in initial public offering.
Earlier in December, Groupon rejected a buyout bid of $6 billion from Google. The company, which offers local discounts on services and products in more than 300 cities, is expected to generate about $800 million in revenue in 2010. Amazon recently invested $175 million in Groupon's biggest competitor, LivingSocial.
Groupon was granted approval on Wednesday to raise as much as $950 million in equity financing by officials with the state of Delaware. Groupon filed a request on December 17th, saying that it intended to sell equity stakes in the company for $31.59 each, according to a report from Reuters. The equity sale would give the online discount site a valuation of between $6.4 billion and $7.8 billion.
The equity stakes would automatically convert to common shares if the company were to be made public at any point in the future. Groupon has been looking to grow as it spurns acquisition offers from larger companies and faces growing competition. The company recently named a former Amazon executive as its Chief Financial Officer. The move is viewed as a sign that the company is nearing in initial public offering.
Earlier in December, Groupon rejected a buyout bid of $6 billion from Google. The company, which offers local discounts on services and products in more than 300 cities, is expected to generate about $800 million in revenue in 2010. Amazon recently invested $175 million in Groupon's biggest competitor, LivingSocial.
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