Groupon (NASDAQ:GRPN) stock was up on Monday following news over the weekend that the company is looking for a buyer.
According to this recent report, Groupon has been seeking a buyer for the last month. The company has always been open to a sale, but it has been more aggressive in pushing to find a buyer lately. It’s still unknown why.
Information about Groupon’s search for a buyer comes from two anonymous sources inside the company. They claim that GRPN executives and the bankers that represent it have reached out to several public companies in its search for a buyer.
There’s also already talk about two potential companies that may have an interest in acquiring Groupon. They include Alibaba (NYSE:BABA) and IAC/InterActive (NASDAQ:IAC). Alibaba is on the list because it took out a 6% stake in GRPN back in 2016. IAC’s there because CEO Joey Levin is a member of the company’s Board, reports Recode.
Groupon got its start back in 2008 as a private company. It wasn’t until 2011 that it became a publicly-traded company. The company has seen its ups and downs since then, with the current trend being a drop to its value. This may be what is pushing it so strongly toward a sale recently.
GRPN stock started the day off strong on Monday by being up 11% when the markets opened. However, it quickly settled back down and is now only up 4% as of Monday morning. When it comes to the current year, the stock is down 16%.
As of this writing, William White did not hold a position in any of the aforementioned securities.