Grindr (GRND) Soars 18.9% on Billion-Dollar Privatization Bid

We recently published 10 Stocks Beating Wall Street’s Bets. Grindr Inc. (NYSE:GRND) is one of the best performers on Friday.

Grindr Inc. surged by 18.86 percent on Friday to close at $15.06 apiece as investors gobbled up shares following news that it was offered to be taken private for a transaction potentially worth $3.46 billion.

In a statement, Grindr Inc. (NYSE:GRND) said that the privatization followed proposals from two large shareholders—Ray Zage and James Lu, who already own more than 60 percent of the company—to raise their ownership at a price of $18 per share. The figure represented a 19.5 percent upside potential from its latest closing price.

The plan followed reports that members of the board, alongside independent directors who form part of a special committee, showed a lack of interest in a possible transaction involving the firm.

“The Special Committee, in consultation with its legal and financial advisors, is reviewing the unsolicited take-private proposal and will be evaluating the best path forward for all shareholders,” Grindr Inc. (NYSE:GRND) said, adding that the proposed transaction was not guaranteed.

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Disclosure: None. This article is originally published at Insider Monkey.