Grindr’s top shareholders, Ray Zage and James Lu, withdrew their $3.46 billion offer to take the dating app private due to financing concerns. The proposed $18 per share offer represented a 51% premium. Despite interest from lenders, Grindr’s special committee ended negotiations. Zage plans to buy more shares and push for stock buybacks and dividends. The company’s shares have fallen 29% this year, but outperformed rivals Match Group and Bumble. Grindr, known for same-sex relationships, integrates sexual health tools and has users in over 190 countries. Zage and Lu acquired Grindr in 2020 and later made it public through a SPAC merger in 2022.

Read more at Yahoo Finance: Grindr’s two top shareholders scrap $3.46 billion take-private bid after board ends talks