Spark Networks Rebuffs PE Firm’s Bid; Says It’s Open To ‘Strategic Alternatives’
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Online dating company Spark Networks has rebuffed a proposal by PE firm Great Hill Partners to buy the company. Great Hill, which already owns about a quarter of Spark Networks’ shares, said a month ago that it wanted to buy the rest of the company in a deal that would value it at around $64 million. Its offer noted that Spark Networks’ performance had “lagged the broader online dating industry” and that as a private company it would be able to eliminate “taxing public company related expenses and management distractions.”
But in a short statement issued today, Spark Networks said it had unanimously rejected the bid and instead would “continue to consider all other strategic alternatives.” Will be interesting to see if anybody else steps in to buy the owner of JDate and other sites, considering the market is going through a wave of consolidation.
Posted In: Money, M&A & Venture Capital, Mergers & Acquisitions, Social Media, Community, great hill partners, spark networks
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