Tiger Global Management Hedge Fund Buys 9.9% Stake in Groupon, Stock Surges
Groupon’s shares rose as much as 15 percent after Tiger Global Management LLC, an $8 billion hedge fund, announced it had acquired a 9.9 percent stake in the daily-deals company. The investment is a vote of confidence for Groupon, which has been in need of one lately. Last week, GRPN hit a record-low closing of $2.63 after disappointing third-quarter results. Tiger Global now holds 65 million shares of Groupon. Based on Monday’s closing price, Tiger Global’s transaction is worth about $202 million. (Bloomberg, Chicago Business Journal)
