ByJonathan Burgos,
Forbes Staff.
Grindr’s majority shareholders George Raymond Zage III and James Lu have withdrawn their proposed buyout that values the LGBTQ dating app at $3.5 billion.
The duo announced their decision in a regulatory filing after New York-listed Grindr said on Monday that a special committee formed by the company’s board has ceased engagement over the non-binding offer due to "continued uncertainty as to the financing for the proposal.”
The company’s senior management preferred to remain a publicly listed company considering that Wall Street analysts have recently upgraded their share price targets to levels well above the $18 per share offered by Zage and Lu, according to the regulatory filing. Four brokerages have this month pegged their 12-month price targets at between $21 and $26 apiece, according to Bloomberg data.
