Groupon surges on Google takeover speculation
Groupon Inc. surged to the highest price in three weeks on speculation that Google Inc. might consider buying the online coupon provider.
The shares advanced 23 percent to $4.69, closing at the highest price since Oct. 19. The stock has lost 77 percent of its value since since an initial public offering in November 2011. Groupon CEO Andrew Mason is a Mt. Lebanon native.
The stock plunge since the IPO may spark renewed takeover interest from Google now that Groupon's market value has slipped to $3.07 billion, said Tom Forte, an analyst at Telsey Advisory Group. Google had considered acquiring Groupon for $6 billion the year before its public market debut.
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