Groupon, a Chicago-based company has apparently rejected the $5 billion-plus takeover bid by Google, electing to remain independent and probably go public later.
"Groupon said it also plans to expand its product team in Chicago. Earlier this year, the company received a $3.5 million incentive package from the state to create 250 additional jobs. Groupon still may choose to pursue an initial public offering (IPO) but willn't make a decision about going public until 2011, a source said."
The two companies had been engaged in talks, with speculation about the marriage reaching a fever pitch over the last week. Mountain View, Calif.-based Google reportedly had offered between $5 billion and $6 billion for the daily deal start-up.
Groupon continued to sign partnership agreements and make acquisitions. The company agreed to have its deals featured on eBay and joined a new Yahoo program that aggregates daily deals from multiple providers, including many of Groupon's rivals. And just this week, Groupon acquired a trio of Asian daily deal sites and bought a California-based technology firm, expanding its presence in Silicon Valley.