Yelp Pondering Possible Sale With Stock Slumping
SAN FRANCISCO (CBS/AP) — Yelp's slumping stock bounced back Thursday on a report that the online business review service may be sold.
The Wall Street Journal says Yelp is working with investment bankers to court potential suitors following a series of disappointments that have wiped out more than half of the company's market value during the past eight months. The Journal cited people it did not identify who are familiar with the matter and cautioned thatYelp Inc. still might not pursue a sale.
Yelp didn't immediately respond to requests for comment.
The company's stock surged $7.38, or 19.3 percent, to $45.60 in afternoon trading. That still leaves the shares well below their 52-week high of $86.88 reached in September.
If Yelp auctions itself off, the sales price would probably exceed $3 billion.
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