Yelp shares fell more than 13% on Thursday July 2after Bloomberg reported that the company is not looking to sell itself.
According to the Bloomberg report, based on interviews with people familiar with the matter, Yelp had been approached by several companies but is no longer interested in selling soon.
Yelp hired Goldman Sachs after receiving interest from a potential buyer, according to Bloomberg. The company is currently valued at nearly $3 billion. Its stock was briefly halted after the news broke.
Yelp’s stock price spiked more than 25% on May 7 after initial reports that it was exploring a sale, but is now back near the level it was before that news.
Following the report of a potential sale, analysts at Credit Suisse (noting they couldn’t confirm the news at the time) identified six potential buyers, including Google, Apple, Amazon, and TripAdvisor.
Source: Business Insider