Groupon turns down a $5.3 billion offer from Google. What's the thinking behind the rejection? I understand that they're top dog with an international presence, with projected revenue of $500 million in 2010 (
http://en.wikipedia.org/wiki/Groupon), but this seems crazy.
These coupon/daily deal businesses are popping up like zits on a teenager. I doubt there's much if any loyalty to Groupon, everyone I know just scans through the multitude of offers they get each day from various sites and buys what they want.
It's a brilliant concept, and I know $5.3 billion doesn't buy what it used to, but it just seems like quite a gamble to assume (if this is what they're assuming) that their growth will continue unabated and they're going to be worth many times the $5.3 billion if/when they roll out their IPO.