Get All Access for $5/mo

Yelp Founder Said to Temporarily Call Off Sale Talks The company's shares fell as much as 15 percent to a two-year low on the news.

By Reuters

This story originally appeared on Reuters

Yelp Inc, operator of consumer review website yelp.com, had temporarily decided not to pursue a sale, Bloomberg reported, citing people with knowledge of the matter.

The company has had several interested suitors after which it hired Goldman Sachs Group Inc to help find a buyer, Bloomberg said on Thursday.

The company's shares fell as much as 15 percent to a two-year low of $36.10 in afternoon trading. Yelp had a market capitalization of about $3.2 billion as of Wednesday's close.

Yelp may pursue a sale again if Chief Executive Officer Jeremy Stoppelman changes his mind, Bloomberg said. The report did not name the suitors or say why Stoppelman had taken the decision to halt the sale process.

The company could not immediately be reached for comment.

Yelp was working with investment bankers to explore a sale that could fetch more than $3.5 billion, the Wall Street Journal reported in May.

The company's subscriber growth has been slowing in an increasingly competitive U.S. market and it has been trying to expand in other markets and diversify into restaurant bookings, event management and payments.

(Reporting by Kshitiz Goliya in Bengaluru; Editing by Savio D'Souza)

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Data & Recovery

Use This Code to Get 1TB of Cloud Storage for $120

Koofr Cloud Storage makes backing up and sharing work files a safer and easier process.

Business News

Wells Fargo Reportedly Fired More Than a Dozen Employees for Faking Keyboard Activity

The bank told Bloomberg that it "does not tolerate unethical behavior."

Living

Get Easy Access to Fun Summaries of Non-fiction Bestsellers with This $60 Subscription

Headway lets users gain key ideas and insights from best-selling works of non-fiction.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Money & Finance

9 Side Hustles to Make Money Fast

Want to make extra money ASAP? Check out this breakdown of nine quick side hustles to get inspired and start earning quickly.