Daily-deal website spurns Google takeover bid

Google's offer to buy daily-deal site Groupon has been spurned by the Chicago-based startup, according to a person with knowledge of the matter.

The proposed acquisition fell through amid hesitation by Groupon's founders, said the person, who requested anonymity because the talks are private. Groupon will decide whether to sell shares in an initial public offering next year, the person said.

Talks could resume if both sides overcome their differences. Google had offered $6 billion (Dh22.06 billion), including incentives that would be paid to the target's managers if performance targets were met, people familiar with the matter had said this week.

Groupon would have helped its new owner expand in the $133 billion US local-ad market and lessen its reliance on search.

"Clearly Google wants to get into the local space and Groupon was one way," said Aaron Kessler, an analyst at ThinkEquity in San Francisco who has a "buy" rating on Google and doesn't own it. "I don't think from a Google perspective that if they miss out, that there's not other ways to get into local."

Google Chief Executive Officer Eric Schmidt had been willing to pay almost twice the $3.2 billion he spent on DoubleClick, his next most expensive target, to add features and repel a threat from such rivals as Facebook. The Chicago Tribune initially reported Groupon's rejection.

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