Overview
- The largest shareholders, Raymond Zage and James Lu, filed a 13D and engaged financial and legal advisers to explore a go-private deal.
- Any proposal would be at no less than $15 per share, implying roughly a $3 billion valuation, and they have a preliminary, conditional debt financing offer of up to $1 billion.
- Semafor and Reuters report the pair are in talks with Fortress Investment Group for financing, though the firms declined to comment.
- A Temasek unit known as SeaTown seized and sold some of the owners’ pledged shares after loans became undercollateralized, accelerating the discussions.
- Grindr has formed an independent board committee to evaluate any offer, while Zage and Lu together control more than 60% of the company.