Hoping to capitalize on the slew of publicity it has received after rebuffing Google’s (NASDAQ:GOOG) $6 billion buyout bid, discount Web site Groupon is reportedly eyeing raising almost $1 billion in private cash.
According to The Wall Street Journal, Groupon filed paper work in Delaware seeking authorization to sell up to 30.1 million preferred shares of stock for $31.59 each, totaling about $950 million.
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While the certificate would give Chicago-based Groupon legal permission to raise nearly $1 billion, it’s not clear yet the company plans to do so, the Journal reported. However, Groupon is expected to outline exact amounts of cash it plans to raise in a Securities and Exchange Commission filing next week.
The talk of raising cash comes after Groupon reportedly spurned an acquisition offer from tech behemoth Google that was worth about $6 billion.
Google’s stock didn’t appear to be moved by the Journal report, rising 0.39% to $601.24.