Contributed by: Editor on Wednesday, April 07 2010 @ 05:20 pm
Last modified on
Early in March Great Hill Partners offered to take Spark Networks private by buying all of the shares they did not own for $3.10 per share (see Story). Great Hill currently owns about 25 percent of the stock so the deal would have cost them about $64 million. Spark Networks said they would consider the offer, much to the dismay of a number of share holders.
Yesterday, a Spark Networks special committee on the offer unanimously rejected the proposal from Great Hill Equity Partners. No reason was given about why they rejected the offer but they did say that they will continue to consider other alternatives.
For more on the story, read the Spark Networks press release[*1] .