Jeremy Stoppleman, the CEO of Yelp, has walked away from an all-but-signed deal to be acquired by Google for more than half a billion dollars.
The deal was, as we wrote late last week, in the later stages of negotiation. The two companies had agreed on a price – around $550 million plus earnouts – and were working through the final details of the acquisition.
Then something happened that made Yelp reconsider the deal. Over the weekend they notified Google that they were not going to sell, say multiple sources.
So what made the deal go sideways? We’re working on that. From the information we’ve gathered, there is currently no other suitor seriously looking at the company. For now Yelp intends to stay independent. We’re betting that someone – Apple, Microsoft, etc. – came to Yelp with an offer for a strategic deal that gave Stoppleman the confidence to say no to Google. But who that partner is and what they offered isn’t something we’ve been able to track down.