Subscribe to Entrepreneur for $5
Subscribe

Yelp Founder Said to Temporarily Call Off Sale Talks

By
This story originally appeared on Reuters

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

The company has had several interested suitors after which it hired 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 of about $3.2 billion as of Wednesday's close.

Yelp may pursue a sale again if 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 bankers to explore a sale that could fetch more than $3.5 billion, the 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)

Entrepreneur Editors' Picks