Grindr (GRND) announced that the special committee of its board of directors has determined to cease engagement with respect to a non-binding, unsolicited take-private proposal from large shareholders Ray Zage and James Lu to acquire Grindr for $18.00 per share in cash. The special committee made this determination due to continued uncertainty as to the financing for the proposal. The proposing shareholders, together with their affiliated entities, currently beneficially own more than 60% of the outstanding shares of the company’s common stock. The proposing shareholders sent the proposal to the special committee on October 24. The special committee has been evaluating the proposal and sought additional information with respect to both the certainty of commitment and the amount of the proposing shareholders’ financing for the proposal. To date, the special committee has been unable to obtain satisfactory information about definitive financing.
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