According to Bloomberg News, Groupon is looking to raise several hundred million dollars and the new financing would place a value on the company below Google’s offer price.
Continue Reading Below
Groupon may use the money to hire sales staff and maintain its lead over rivals like LivingSocial, which lined up $183 million from a consortium led by Amazon.com (NASDAQ:AMZN) earlier this month, Bloomberg reported.
Chicago-based Groupon reportedly received financing from a group led by Digital Sky Technologies that placed a $1.3 billion price tag on the company.
Earlier this month Google failed to reach a deal to acquire Groupon despite offering a big premium over what Yahoo! (NASDAQ:YHOO) had bid. At the time reports indicated Groupon would continue to consider remaining independent or pursuing an initial public offering in the future.