February 6, 2020 / 7:11 PM / 10 days ago

Match approaches Meet with takeover offer: Bloomberg

FILE PHOTO - Job seekers and recruiters at the Tinder table gather at TechFair in Los Angeles, California, U.S. March 8, 2018. REUTERS/Monica Almeida

(Reuters) - Tinder-owner Match Group (MTCH.O) has approached social networking app developer Meet Group (MEET.O) about a takeover, Bloomberg reported on Thursday, citing people familiar with the matt

No final decision has been made and Match Group could decide to not proceed with a deal, the report noted.

Meet Group, which has been focusing on expanding its live-streaming platforms, has struggled to challenge the dominance of Match Group in the dating domain.

In December, Reuters had reported that German broadcaster ProSiebenSat.1 Media SE’s (PSMGn.DE) e-commerce arm, NuCom Group, was exploring the acquisition of Meet Group.

Shares of Meet Group, whose primary apps include MeetMe, LOVOO, Skout, Tagged and Growlr, surged about 21% to $6.74 after the report, while Match Group shares rose 8.2%.

Match Group declined to comment on the report and Meet Group did not respond to requests for comment.

Reporting by Devbrat Saha; Editing by Vinay Dwivedi

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