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Report: Yelp Walks Away from $550 Million Google Deal

Tech Crunch is reporting that Yelp has walked away from a proposed deal to be acquired by Google a deal that many people had assumed was all but signed just days earlier. Yelp is a review site currently operating in almost every major metropolitan area of the country that lets the public vote and gives their feedback on a wide range of stores and services within a local area. For example, a person could go to the local Yelp site for Portland and search to find different listings for Indian restaurants. They could find the best-rated sites or the ones within walking distance of their current location, and read reviews posted by various "Yelpers" on the pluses and minuses of each.

The report in Tech Crunch states that Yelp and Google had progressed to the point of reaching a price of $550 million plus buyouts for the acquisition and were working through the final details when Yelp CEO Jeremy Stoppleman backed away from the deal this past weekend. Tech Crunch is reporting that according to multiple sources, Yelp does not have a current second suitor in place for acquisition. The report speculates that another company such as Apple or Microsoft may have "came to Yelp with an offer for a strategic deal gave Stoppleman the confidence to say no to Google."

- Richard Manfredi

 

Dec 21, 2009