Grindr Majority Shareholders Led By Billionaire Raymond Zage Withdraw Buyout Bid

Core Viewpoint - Grindr's majority shareholders have withdrawn their proposed buyout offer, valuing the company at $3.5 billion, due to uncertainties regarding financing and a preference for the company to remain publicly listed [2][3]. Company Performance - Grindr's shares rose by 1.5% in morning trading following the announcement of the buyout withdrawal [3]. - The company reported a 25% increase in net profit, reaching $31 million in the third quarter of this year [5]. - Grindr has over 14 million monthly active users, making it the most popular LGBTQ mobile app globally [5]. Shareholder Actions - Majority shareholders George Raymond Zage III and James Lu, who own approximately 64% of Grindr, have decided to terminate discussions regarding the buyout [3]. - Zage intends to continue purchasing Grindr shares in the open market, having already acquired over $200 million worth of shares as the stock hit a one-year low [4]. - Zage is advocating for increased shareholder returns through share buybacks and potential dividends [4]. Market Outlook - Wall Street analysts have recently upgraded their price targets for Grindr's shares to levels between $21 and $26, significantly above the $18 per share offered in the buyout proposal [2].